Renowned Economist Charles Edwards Predicts Bitcoin Surge
Charles Edwards, the founder of Capriole Investments and a well-respected economist, is causing a stir with his bold forecast. According to him, the Bitcoin Macro Index is showing signs of ‘expansion,’ indicating a possible surge similar to the historic 400% bull run.
Bitcoin’s Macro Index Sees 400% Surge
Edwards, known for his insightful market analyses, has drawn attention to the Bitcoin Macro Index. This macroeconomic indicator, designed to assess the overall health of Bitcoin, is now displaying signs of ‘expansion.’
He suggests that this could be a precursor to a remarkable surge in value, echoing the sentiments of the historic 400% bull run. Recently, Bitcoin has demonstrated resilience with a surge from $34,000 to $38,000, followed by a correction to around $36,500.
Edwards considers this movement a crucial technical victory, emphasizing the significance of Bitcoin overcoming and holding above major resistance levels. This consolidation above key resistance levels sets a bullish context in high-timeframe technical analysis.
If $35,000 holds on a weekly and monthly basis in November, Edwards believes that the next substantial resistance lies within the range of $58,000 to $65,000.
Edwards Flags Expansion
Edwards’ market update revolves around the shift in the Bitcoin Macro Index, which synthesizes over 40 metrics encompassing on-chain data, macro market indicators, and equity market influences.
This shift to ‘Expansion’ is only the third occurrence since the index’s inception and is historically associated with significant price rallies. Further examining historical data, the Bitcoin chart reveals a 400% surge during the last bull run when the Macro Index entered the expansion phase.
Short-Term Technical Caution
Charles Edwards provides a mixed short-term outlook, highlighting the derivative markets’ indication of overheating. The newly introduced ‘Bitcoin Heater’ metric suggests potential retracement based on market risk indicators. Edwards acknowledges exceptions to historical norms but cautions about potential corrections or consolidations.
Hot Take: Potential for 400% Bull Run Surge
The crypto community eagerly awaits to see if history will repeat itself with a potential 400% bull run surge as the Bitcoin Macro Index enters the ‘Expansion’ phase.
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