Bitcoin To Top Above $168,500 Based On This Indicator, Analyst Reveals

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,873,146,368,893	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,873,146,368,893

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-31.94	-0.03%	94,674.98	94,674.40	94,674.91

Price Change

Price Change %

Current Price

Bid Price

Offer

-31.94

-0.03%

94,674.98

94,674.40

94,674.91

High Price	Low Price	Open Price	Prev. Close	52 Week Range
94,845.87	93,804.05	94,692.70	94,706.92	38,501.00 - 108,388.88

High Price

Low Price

Open Price

Prev. Close

52 Week Range

94,845.87

93,804.05

94,692.70

94,706.92

38,501.00 - 108,388.88

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	21:42:57	0.000134	94,674.97	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

21:42:57

0.000134

94,674.97

USD

Price x Volume	Volume	Base Symbol	Related Pairs
411,931,885.51	4,367.15	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

411,931,885.51

4,367.15

Bitcoin To Top Above $168,500 Based On This Indicator, Analyst Reveals

23/12/2024 8:00pm

NEWSBTC

An analyst has explained how Bitcoin could see a top beyond the $168,500 mark based on the historical trend in this indicator. Bitcoin Mayer Multiple Could Reveal Location Of Next Price Top In a new post on X, analyst Ali Martinez has discussed where the BTC top could lie based on the Mayer Multiple. The “Mayer Multiple” refers to an indicator that keeps track of the ratio between the Bitcoin price and its 200-day moving average (MA). The 200-day MA has historically proven to be a significant level for BTC, often serving as the boundary between bearish and bullish trends. As such, the distance of the price from this MA, which is what the Mayer Multiple measures, can be useful to watch. Related Reading: XRP Could Be The Altcoin To Recover Quickly, CryptoQuant Analyst Explains Why When the Mayer Multiple has a high value, it means the asset is trading significantly above the 200-day MA, which could imply potential overbought conditions. On the other hand, the metric being low could suggest a bullish reversal may be due for BTC. Now, here is the chart shared by Martinez that shows the trend in the Bitcoin Mayer Multiple represented as an oscillator over the history of the cryptocurrency: As is visible in the above graph, the Bitcoin Mayer Multiple is currently around halfway to the level that has usually signaled overheated conditions for the coin’s price. The level in question is situated at the 2.4 mark. When the metric assumes this value, the price of the asset becomes 2.4 times the 200-day MA. In the same chart, a price line corresponding to this level is also shown. It’s apparent that Bitcoin formed some of its major historical tops when it broke through the line. So far in the current cycle, Bitcoin hasn’t been able to retest the level yet. And it may not be able to do so for a while, either since the Mayer Multiple would only equal 2.4 when the cryptocurrency’s price rises to around the $168,500 level. Related Reading: XRP, Solana Among Altcoins Witnessing TD Buy Signal, Analyst Reveals An important level relevant to the Mayer Multiple that BTC did retest during this cycle was the 0.8 line. Just like the 2.4 level serves as a signal for potential overheated conditions, this line can imply the coin may be reaching a bottom. Bitcoin successfully found a rebound at the line earlier in the year, confirming that a transition towards a bear market hadn’t taken place yet. It now remains to be seen whether the asset would go on to retest the top level next or if another plunge to this bottom level will happen first. BTC Price Bitcoin slipped toward the $92,000 level on Friday, but it seems the asset has made some recovery since then, as it sits at $96,000 to kick off the new week. Featured image from Dall-E, Glassnode.com, chart from TradingView.com

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