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Texas Senator Ted Cruz affirmed he is still bullish on Bitcoin (BTC) and buys it every Monday despite the volatility.
Cruz said one of the attractions of Bitcoin is its inflation hedge property, even as politicians print money “like drunken sailors.”
Bullish Bitcoin Sentiments Still Pervade Texas
“The analogy of digital gold is powerful,‘ he said.
He added that the asset is an important check against money printing and is notably immune to government control.
The politician has a standing buy order every Monday morning and owns about 2 BTC. He claims to be a long-term investor.
Ted Cruz supports the flaring of waste gas to power crypto mining. A recent Texas bill banned the Electric Reliability Council of Texas from paying miners to limit their energy use.
Recently, the U.S. Securities and Exchange Commission appointed Eric Werner as a regional director in Fort Worth.
Analyst Argues Bitcoin in the LGC Buy Zone
Dave the Wave, a well-known cryptocurrency analyst and trader, says Bitcoin is still in the Logarithmic Growth Curve buy zone, despite its volatility.
LGC refers to the upper boundary of the predicted price range for BTC, based on his analysis of historical price data
The LGC presents a compelling alternative to trend lines in capturing Bitcoin’s logarithmic growth and cyclic volatility. Long-term investors can use the LGC as a general pattern of exponential growth to develop price predictions.
The curve cap is the highest price BTC is expected to reach in a certain timeframe.
According to Dave the Wave, Bitcoin’s price is near the buy zone if considering the LGC converging channel’s long-term trend. The buy zone is a narrow band at the base of the converging channel.
BTC LGC Buy Zone | Source: Dave the Wave
The asset will continue in the buy zone as long as the logarithmic track continues converging, irrespective of macroeconomic forces.