Is Bitcoin anywhere close to its cyclic bottom?

Is the Bottom In for Bitcoin? Market Sell-Off Poised to Continue, Analysts Say

Most significant parties with a stake in the market, from whales to institutions, have been trying to catch Bitcoin's falling knife recently. They have a good motive for doing so. The present market price makes BTC very appealing to long-term HODLers who want to hold the commodity through several profit and loss cycles.

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Bitcoin has recently been challenged at nearly every level. Nonetheless, the $29.3k to $30.2k range has been the most heavily targeted. A total of 761.95k BTC has been purchased by about 963k addresses. In comparison to other upper levels, the quantity of coins purchased has been roughly 6-7 times lower.

Is it time for Bitcoin investors to HODL and relax?

As the price of Bitcoin continues to decline, a slew of new purchasing opportunities has emerged. However, this may not remain the case for long, since Bitcoin is expected to bottom out soon. Leaving technicals aside, the Mayer Multiple is indicative of a trend like this.

As a result, the Mayer Multiple was devised to evaluate and assess Bitcoin's price in relation to its previous moves. This indicator has largely shown readings over 1.5 whenever Bitcoin has surged.

The MM has been lingering around 0.65 for the previous few days, close to the lows. As shown in the graph below, the Mayer Multiple has not maintained at such low levels for lengthy periods of time. In reality, it has been greater than 0.65 for 94% of the time in the past.

In addition, Bitcoin's price has been enveloped in the chart's 'bearish' band [light green]. It would enter the 'oversold' region [neon green] at around $24k. Surprisingly, this has only happened three times before, and each time Bitcoin has re-bound in a short period of time.

As a result, according to this model, Bitcoin is expected to form a bottom around the lower $20k range and reverse its trend. However, it's worth noting that these conclusions are based on historical data, and crypto movements are prone to change patterns during each bullish/bearish cycle.

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