Markets

I am bullish on Bitcoin, says Senator Ted Cruz

Texas Senator Ted Cruz has confirmed that he remains optimistic about Bitcoin (BTC) and buys it every Monday despite the volatility.

One of the attractions of Bitcoin is its inflation-hedge property, Cruz said, even as politicians print money “like drunken sailors.”

Bitcoin bullish sentiment still prevails in Texas

“The digital gold analogy is strong,” he said.

He added that the asset is an important check against printing money and is particularly immune from government control.

The politician has a standing buy order every Monday morning and holds about 2 BTC. He claims to be a long term investor.

ted cruise Supports burning exhaust gas to run crypto mining. A recent bill in Texas prohibited the Texas Electrical Reliability Board from paying miners to limit their energy use.

Recently, the US Securities and Exchange Commission appointed Eric Werner as a regional director in Fort Worth.

Analyst Argues Bitcoin In LGC Buy Zone

Dave the Wave, a well-known cryptocurrency analyst and trader, says that Bitcoin is still in the buy territory of the Logarithmic Growth Curve, despite its volatility.

LGC marks the upper end of the forecasted price range for BTC, based on its analysis of historical price data

LGC offers a compelling alternative to trend lines in capturing Bitcoin’s logarithmic growth and cyclicality. Long-term investors can use the LGC as a general exponential growth pattern to develop price predictions.

The ceiling of the curve is the highest price that BTC is expected to reach in a given timeframe.

According to Dave the Wave, Bitcoin price is close to a buy zone if you think about the long-term direction of the LGC converging channel. The buy zone is a narrow band at the base of the convergent channel.

BTC LGC Buy Zone | source: Dave Wave

The asset will continue to be in the overbought zone as long as the logarithmic path continues to converge, regardless of macroeconomic forces.

For the latest Be (In) Crypto bitcoin (BTC) analysis, click here.

Disclaimer

Adhering to the Trust Project’s guidelines, BeInCrypto is committed to providing unbiased and transparent reporting. This news article aims to provide accurate and timely information. However, readers are advised to independently check the facts and consult with a professional before making any decisions based on this content.

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