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>>Bitcoin analyst suggests the upward trend isn't finished and predicts a price increase to a specific level.

Bitcoin analyst suggests the upward trend isn't finished and predicts a price increase to a specific level.

crypthub

about 6 hours ago

Bitcoin Price Fluctuations

Bitcoin's price has experienced recent volatility, causing investor uncertainty. Speculation surrounds whether Bitcoin has reached its peak value. Analyst predictions vary widely regarding the cryptocurrency’s future trajectory.

Potential for Price Increase

One analyst suggests Bitcoin could potentially reach $180,000. This projection is based on the Mayer Multiple index reaching a level of 2.4. Currently, the Mayer Multiple indicates oversold conditions at a level of 1.16.

Mayer Multiple Indicator

The Mayer Multiple compares Bitcoin's price to its 200-day moving average. Readings below 2.4 are generally considered a buy signal. Another analyst previously noted low readings as a sign of potential bullish momentum.

Short-Term Risks

Increased short-term volatility could lead to a price drop. Some analysts suggest a potential decrease pushing Bitcoin below $114,000. Continued monitoring of market conditions is advisable.