In a recent analysis, Altcoin Daily discussed with Tom Crown the prevailing sentiment of diminishing returns in crypto, particularly Bitcoin. Despite some speculators suggesting that the glory days are over, crypto analyst and trader Crown challenges this notion. Crown highlights a unique indicator that has never occurred in Bitcoin’s history, generating excitement for the upcoming year.
According to Crown and Altcoin Daily, a significant bullish signal is emerging as a golden cross on the weekly timeframe. This technical analysis pattern involves a longer-moving average crossing above a higher-moving average, indicating a positive long-term trend. Crown believes that this event, combined with various bullish macro factors, sets the stage for strong momentum in the market.
He touches on key developments in 2023, such as the Federal Reserve ending rate hikes, global liquidity rising, and traditional markets reaching all-time highs. Factors like the GBTC premium returning to zero and the positive performance of Bitcoin-related entities like Coinbase and MicroStrategy contribute to the overall optimism.
Crown dives into these events’ significance and potential impact on Bitcoin’s price. Crown predicts a bullish trend continuing into the next year, with the golden cross coinciding with the much-anticipated launch of a Bitcoin ETF. Crown’s optimistic outlook leads to a bold price prediction, with him suggesting a potential surge to the $300,000 range.
He said, “I think that we are going to see something this cycle in the next two years that is brand new to bitcoin. I would, price prediction-wise, put it in the six figures. I think, though more accurately, I might take the $300,000.”
Despite concerns about diminishing returns and varied predictions in the crypto space, Crown encourages investors to stay focused on consistent strategies. He advises against chasing significant gains and recommends tempering expectations while navigating the untested waters of the market.