Synthetix founder calls Bitcoin's weekly chart the "most bullish thing" he has seen

Bitcoin's price action over recent weeks and months has undoubtedly been bullish.

The cryptocurrency is expected to move even higher in the weeks ahead as the fundamentals and technicals align.

Speaking to that, the founder of leading the DeFi project Synthetix, Kain Warwick, just said that he thinks the "Weekly BTC chart is probably the most bullish thing" that he's ever seen in his life.

The chart shows Bitcoin holding a crucial weekly moving average, along with forming a bullish breakout as per the Parabolic Stop-and-Reversal indicator, which tracks macro trends.

A BTC rally should drive capital towards altcoins as investors seek to lever up by moving down the crypto risk spectrum.

Elaborating on his point, Warwick explained that Bitcoin's chart is underpinned by a number of fundamental trends.

"To clarify BTC basically didn't move much during the DeFi summer. This recent move comes on the back of a fairly surprising new narrative of public co's with huge cash balances hedging macro conditions."

Warwick is referring to the entrance of firms like MicroStrategy and Square, which have deployed capital from their balance sheets to buy BTC. Both companies announced this move as a strategic measure to ensure that their holdings are not eaten away at by inflation and to hedge the risks in unprecedented economic and macroeconomic risk.

Analysts in the space expect a flurry of other companies to follow suit, driving Bitcoin dramatically higher as demand begins to greatly exceed supply.

As Mechanism Capital founder Andrew Kang recently noted, the institutional backdrop to adopt Bitcoin has been better than ever.