Bitcoin price indicator suggests macro top imminent as BTC hits $40K

Bitcoin price indicator suggests macro top imminent as BTC hits $40K
фото показано с : coinjournal.net

2021-1-9 14:10

Every time the Bitcoin Mayer Multiple crossed 2.4, it extended before hitting a macro top and then dropping afterwards to 1.5

Bitcoin (BTC) broke above $40,000 and tested resistance near $40,500 before selling pressure pushed it to lows of $36,618. Prices have since recovered, with bulls pushing to higher levels at $39,800. Although the price is likely to rise further, the short term outlook suggests a potential dip amid increased profit-taking. Also suggesting a bearish flip is a key price bands indicator called the Mayer Multiple.

According to one pseudonymous Bitcoin analyst, the Mayer Multiple suggests BTC price might continue to surge short term before topping out in early February.

“This is the fifth time that Bitcoin has broken 2.4MM. The previous times it continued to trend directly towards a macro top. Possible macro top around this date: February 8…” the analyst tweeted.

Bitcoin chart with the Mayer Multiple. Source: ParaboNICK

It should be noted that the Mayer Multiple analyses Bitcoin’s price from a historical context. It takes into account the gap between current prices and the asset’s 200-day moving average. The multiples rise from 0—15, with a typical entry point for those seeking to invest when the reading is below 2.4.

Whenever the MM surges past 2.4, it typically drops to around 1.5. During the last bull cycle, the gap between the BTC price and the multiple rose to over 3.5 before plummeting in 2018 to around 0.5.

Currently, Bitcoin has a Mayer Multiple of 2.72 and a 200-MA of $14,389. As per the metric’s simulations, prices are likely to surge short term. However, the top looks imminent.

According to the analyst:

“If that happens maybe then we have months of a nasty pullback (mini bear market) and then another macro top around Sep-Dec 2021”.

BTC/USD daily chart

BTC/USD currently faces resistance at the 461.8% Fibonacci retracement level of the swing to March 2020 lows. The price barrier is at around $40,593, the scene of yesterday’s selling pressure that curtailed the upward action at highs of $40,402.

BTC/USD daily chart. Source: TradingView

The 400% Fibonacci retracement level ($35,679) and 361.8% Fib at $32,642 provide initial support zone if prices break below $38,000. If the Mayer Multiple begins to flip negative and falls below 2.4, it is likely the short term decline could extend to the resistance-turned-support level at $27,738.

A mini bear market could then bring into play the 50-SMA (23,189) and the 200-SMA (14, 389), which might offer long term demand reload zones.

On the upside, Bitcoin is literally in uncharted territory. With the price in discovery mode, a daily close above $40,000 on increased buying volume could see bulls target $46,000.

The post Bitcoin price indicator suggests macro top imminent as BTC hits $40K appeared first on Coin Journal.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Macro (MACRO) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Доступно / Всего 0 MACRO

macro bitcoin btc 40k hits imminent indicator

Источник: coinjournal.net

macro bitcoin → Результатов: 126


Altcoins Could Face Capitulatory Decline as Crypto Market Hits Key Resistance

The aggregated cryptocurrency market has been struggling to spark a macro uptrend due to Bitcoin’s inability to break above $10,000 This has led it to form some heavy resistance just above its current market cap – with this level potentially being insurmountable in the near-term Analysts are also pointing to altcoins severe underperformance of Bitcoin in recent times, which could suggest that this potentially imminent market-wide decline will be brutal for smaller cryptocurrencies Bitcoin and […]

2020-5-31 22:00


Фото:

These 2 Trends Shows that Wall Street is in a Bitcoin Buying Frenzy

Bitcoin has been subjected to unprecedented turbulence throughout the past few months, declining to lows of $3,800 before rocketing to highs of $10,500 This volatility hasn’t been enough to thwart large market players from foraying into the digital asset Macro investor Paul Tudor Jones has been one of the first traditional investors to publicly profess his interest in BTC, but data shows that he isn’t the only one on Wall Street who is buying Bitcoin […]

2020-5-29 02:00


Фото:

Ethereum’s Macro Bear Structure Strengthens as Analysts Eye a Massive Decline

Ethereum has been able to maintain above $200 despite the recent turbulence seen within the aggregated crypto market This outperformance of Bitcoin has allowed it to gain some strength on its embattled BTC trading pair ETH is still in a precarious position, however, as analysts are noting that its macro bear structure still remains strong Analysts are also widely flipping short on ETH, with some anticipating massive downside Ethereum’s price action has been largely lackluster […]

2020-5-26 23:00


Nearly 10% of Bitcoin’s Current Supply is Dormant; Why This Matters

Data shows that nearly 10% of Bitcoin’s total circulating supply is dormant, meaning that it has not been touched for over 10 years This data boosts the narrative regarding Bitcoin’s scarcity, as its actual supply may be far lower than previously thought The heightened scarcity this provides Bitcoin also bolsters the cryptocurrency’s macro outlook, as economic models that rely on the crypto’s scarcity suggest that it will soon see some significant upside Bitcoin’s fixed scarcity […]

2020-5-26 21:00


Despite COVID-19 crisis, one analyst says Bitcoin’s macro case has “never been more obvious”

Both Bitcoin and the equities market have mounted a strong comeback from their lows, but there are still storm clouds brewing on the horizon for the economy and for society more broadly. The post Despite COVID-19 crisis, one analyst says Bitcoin’s macro case has “never been more obvious” appeared first on CryptoSlate.

2020-5-22 21:00


Фото:

Ethereum’s Macro Price Structure is Flashing Warning Signs; Things to Consider

The bear-favoring volatility seen by the aggregated crypto market yesterday has once again caused Ethereum to decline beneath the $200 price level The cryptocurrency is now flashing signs of growing weakness as multiple moving averages begin invalidating all of ETH’s macro bullishness One analyst believes that this present technical weakness could lead ETH to move back towards its yearly open Ethereum saw a sharp decline yesterday alongside Bitcoin and the aggregated crypto market. After tapping […]

2020-5-16 23:00


Фото:

XRP Shatters Crucial Macro Support as Analysts Eye Serious Downside

XRP has continued to severely underperform Bitcoin, forcing it to also see some downside against its USD trading pair despite the bullish market conditions This weakness has caused the third-largest crypto to decline beneath a key last-ditch support level that was bolstering its price action Analysts are now noting that it could soon see a freefall that leads it significantly lower due to the weakness resulting from this dire technical breakdown Yesterday the aggregated crypto […]

2020-5-9 23:00


Фото:

Bitcoin is About to Start a Fresh Macro Bull Cycle Once It Captures Key Level

Bitcoin has been able to maintain the bulk of the gains that came about during yesterday’s intense upswing Buyers are still struggling to firmly surmount the key $10,000 region, however, as it appears that bears have established heavy resistance here The cryptocurrency could still be on the cusp of entering a macro bull-cycle, and one analyst is noting that the key level that needs to be shattered exists just above BTC’s current price Bitcoin has […]

2020-5-9 21:00


Why Analyst That Called Bitcoin’s $3,200 Bottom Expects a “Face-Melting” Move

After a multi-day consolidation around $9,000, Bitcoin is finally breaking out again. Thursday morning saw the cryptocurrency hit $9,400, revisiting the highs of last week as bulls step in. While the ever-important $9,400-9,500 zone has held as macro resistance yet again, the asset is coiling for a breakout. And according to a top analyst, one...

2020-5-7 14:00


Analyst: this statistical model says there’s a 75% chance Bitcoin rallies even higher next week

Yes, the price of Bitcoin may have stalled over the past three days, stagnating around $7,500, but the cryptocurrency is still decisively bullish from a macro perspective, analysts say. In fact, should BTC close the weekly candle above $7,100 in approximately seven hours as of this article’s writing, this will be the sixth — yes, […] The post Analyst: this statistical model says there’s a 75% chance Bitcoin rallies even higher next week appeared first on CryptoSlate.

2020-4-28 17:00


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Биткоину 16 лет: первая криптовалюта в мире отмечает юбилей

Не верится, что Биткоину сегодня исполняется 16 лет! Так, 31 октября 2008 года был опубликован White Paper BTC. Этот день навсегда запечатлен в истории как момент, когда Сатоши Накамото — кем бы он ни был — создал концепцию независимой цифровой валюты.

Bhutan moves $66M to Binance, cashes in on Bitcoin’s climb above $70k

Blockchain data shows that Bhutan’s government recently transferred over $66 million in Bitcoin to Binance. Data from the blockchain analytical platform Arkham Intelligence showed that the Bhutan government-labelled address initiated three transfers out of its balance within four hours.

Bitcoin Dogs price: What’s the outlook as BTC spikes above $68k?

Bitcoin Dogs rose 30% in two weeks before paring gains. Bitcoin price is back above $68,000 after last week’s slip halted bulls’ momentum. With BTC regaining control above $68k, could this spark Bitcoin Dogs price? New upside momentum has pushed Bitcoin (BTC) above $68,500 following last week’s sharp decline that saw bears reject movement above […] The post Bitcoin Dogs price: What’s the outlook as BTC spikes above $68k? appeared first on CoinJournal.

Bitcoin наращивает свои позиции в Азии

Японская инвестиционная компания Metaplanet теперь владеет более 1 000 BTC. И по словам генерального директора Саймона Геровича, это сделало Metaplanet самым крупным корпоративным держателем BTC в Азии.