Buy Bitcoin Now? Indicator Suggests Huge Buying Opportunity: Analysis
Arslan Butt is a professional live webinar speaker and derivatives (cryptocurrency, forex, commodities, and indices) analyst. He brings a broad range of skills to help beginners evaluate financial...
Bitcoin (BTC), the leading cryptocurrency in the world, extended its upward rally and attracted further bids around the $59,497 level, reaching an intra-day high of $59,795.
Several factors contributed to this upward trend, including positive inflows into US spot Bitcoin Exchange-Traded Funds (ETFs).
Furthermore, Arthur Hayes’ prediction of a Bitcoin surge to $1 million has also boosted BTC’s price.
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Bitcoin Indicator Suggests Buying Opportunity. Bitcoin valuation indicator is flashing red, suggesting a buying opportunity. Analysts suggest Bitcoin is still undervalued based on historical data. Continue Reading:Bitcoin Indicator Suggests Buying… pic.twitter.com/c783CSCAZt
Moreover, a Bitcoin valuation indicator is flashing red, suggesting a potential buying opportunity. Analysts believe Bitcoin remains undervalued compared to historical data.
However, some experts recommend waiting for further declines before investing to maximize potential gains.
According to the latest report, a key Bitcoin valuation indicator, the Mayer Multiple, is signalling a potential buying opportunity. It currently shows that Bitcoin’s price has dropped to levels not seen since the FTX exchange collapse in late 2022.
The Mayer Multiple compares Bitcoin’s current price to its 200-day moving average, with a value below 2.4 considered a buying zone. As of August 5, the Mayer Multiple was at 0.88, indicating that despite recent price increases, Bitcoin is still undervalued according to historical data.
Analysis: Indicator suggests BTC is
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