Renowned Analyst Identifies Potential Surge in Polygon (MATIC)
Well-known cryptocurrency analyst and trader, Dave the Wave, recognized for his accurate predictions, has spotlighted Polygon (MATIC) as an altcoin poised for significant growth in the upcoming bull market. Additionally, the analyst shared insights on the current outlook for Bitcoin (BTC).
Bitcoin and MATIC: Analyst Predictions
According to an analysis by anonymous cryptocurrency expert Dave the Wave on the social media platform X (formerly Twitter), Bitcoin could potentially yield a 5x return, while MATIC, the native asset of the Layer 2 scaling solution Polygon, might experience a 3x increase against Bitcoin (MATIC/BTC).
The analyst anticipates that if Bitcoin’s value surges by 5 times against the US dollar, MATIC could see a 3x increase against BTC. The provided price chart illustrates MATIC following a pattern observed in the past against BTC, projecting an approximate 200% increase from its current value, reaching 0.0000618 BTC (approximately $2.25). As of the latest update, MATIC/BTC is trading at 0.0000220 (around $0.77).
Bitcoin’s Strong Bull Support
Continuing the analysis, Dave the Wave, with a specific focus on Bitcoin, highlighted the alignment of the logarithmic growth curve (LGC) of BTC’s one-year moving average with the broader-scale price model of Bitcoin. The LGC chart serves as a method to filter short-term price movements and noise by plotting the highest and lowest levels of Bitcoin’s long-term market cycles.
Emphasizing the significance of the one-year moving average as the best indicator for Bitcoin, akin to the LGC, the analyst stated:
The one-year moving average of BTC is confirmed by the LGC. Indeed, this is the best single indicator we have to determine ‘bull market support’. In shorter-term indicators, the price makes contradictory movements on both sides.
Upon examination of the provided chart, it’s evident that the price of the largest cryptocurrency is trending upward, staying above the one-year moving average, identified by the analyst as a key indicator of bull support.