After the dramatic bull-run at the hours of the Asian trading session on April 1, the market slump has made Bitcoin (BTC) price moribund slightly above $5,000 support. However, analysts have proclaimed that as long as Bitcoin stays above the present support, the cryptocurrency will not plunge again.
Similarly, the Mayer Multiple measure developed by Trace Mayer to decipher Bitcoin’s price based on historical value is at the moment indicating that BTC might have reached the market bottom.
While the Mayer Multiple evaluated the current price of Bitcoin and the 200-day moving average (résistance and support level), a renowned crypto analyst, Crypto Kea, explained that the indicator’s latest move above 1.0 mark highly reflects that the market bear has reached the bottom.
Bitcoin (BTC) is at the moment being valued at $ 5164.93 and the Mayer Multiple is at 1.13 after a previous dip to 0.51 on December 14th.
The average value of the Mayer Multiple indicator value, since the establishment of Bitcoin, is 1.38.
However, Crypto Kea inferred that after two successful different clues from the indicator, Mayer Multiple gesture that the bear is already at the bottom might be right.
The @TraceMayer Mayer Multiple and its move back above 1.0 might have just indicated the bottom of this bear market, just as it successfully indicated the two prior bear market bottoms.#BTC #Bitcoin #Crypto
— CryptoKea (@CryptoKea) April 13, 2019
With reference to previous data, the analyst proclaimed that for Mayer Multiple to exceed 1.0, the market has yet reached its bottom. Henceforth, Bitcoin will either stay stagnant or rise.
While the market is known for its volatility, a rise is more probable for the crypto asset.
In December 2017, Mayer Multiple rose to 3.78, and since March 2018, the indicator has been below 1.0.
Furthermore, the initiator of Mayer Multiple, Trace Mayer, opined that the investors achieve the best long-term results by hodling the crypto asset whenever the indicator is below 2.4.
With the above stated analysis and the past accuracy of Mayer’s indicator, Bitcoin (BTC) market value might continuously surge without the usual bear the cryptocurrency market has been witnessing a couple of days ago.
Would Bitcoin (BTC) price ever go beyond and better its all-time high?
For Bitcoin (BTC) investors, the continuous rise in price is well expected and wished for, so the current price that is a bit beyond $5000 is still clearly not encouraging for the investors that expect a persistent price surge. In December 2017, Bitcoin reached its all-time high market value of approximately $19,783; investors are still vehemently looking forward to better days in the cryptocurrency market than such.
In conclusion, considering Mayer Multiple over the years, its analysis has been above 80% accurate. Optimism is part of trading which is not exempted in the crypto space and the surge in price of many coins in the crypto market in the last 48hrs keeps the hope of the most expected Bull Run alive.