History shows that Bitcoin might have bottomed at $3,100

15 Apr, 2019
by Joeri Cant
Bitcoin
History shows that Bitcoin might have bottomed at $3,100

Crypto trader and analyst, going by the Twitter handle, CryptoKea, explains why he thinks Bitcoin might have already bottomed at the $3,100 price mark.

Plenty of crypto analysts have stated that as long as Bitcoin stays above the present support, the world's number one cryptocurrency will not crash again.

According to Crypto Kea, the Mayer Multiple measure developed by diehard Bitcoin investor and evangelist Trace Mayer, is at the moment indicating that BTC might have reached its bottom at $3,100.

The crypto analyst shows in his Twitter thread that the Mayer Multiple, which is a simple ratio that takes the Bitcoin price and divides it by the 200 day moving average price, recently passed 1.0 after falling to 0.51 on December 14th.

Kea tweets that this move back above 1.0 might have been the indication of the bottom of this bear market, just as it successfully indicated the two prior bear market bottoms.

Read more: Analysts believe a pullback might be in store for Bitcoin; $4180 next?

The analyst points out that in previous market cycles, whenever the Mayer Multiple surpassed 1.0 after a capitulation event, the bottom was in.

So, if history plays out, Bitcoin may begin to continue its upward rally, and most likely, BTC won't see a lower low in this cycle.  

However, not everybody agrees.

Yesterday Chepicap reported that another crypto hedge fund trader, going by the Twitter handle, Jonathan, took to Twitter to claim that Bitcoin will crash to $2,000, which would be followed by HODLers screaming outloud.

Despite the widespread crypto euphoria, the Korea-based trader thinks that Bitcoin’s recent rally past $5,000 is 'bulls**t' and he doesn’t believe Bitcoin's upthick can be sustained for an extended period of time, making a BTC dump to $2,000 very possible.

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Read more about:Bitcoin (BTC)

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