According to Glassnode's data, Bitcoin's Mayor Multiple is currently sitting at 1.37. This means it's about 37% higher than the 200-day moving average. The level where it gets overbought is around 181k, which is nearly 74% above where it is right now. So for anyone saying that buying BTC is too risky at this point, you seriously need to rethink that. You're missing the big picture.
Just to clarify, the Mayor Multiple is calculated as (Current Price)/200DMA. When the multiple goes above 2.4, it usually indicates that the asset is overbought, while a value under 0.8 suggests it’s oversold.
Why not? I've predicted Bitcoin could hit $180K because in the last super cycle, Bitcoin can reach $69K from $19K, so the price rose around 3x from the last cycle. $60K x 3 = $180K.
But, it's not easy as that to predict Bitcoin price, as Bitcoin price become more expensive, it will be harder to pump the price.
My expectation isn't that high, I would say if Bitcoin price cross $138K ($69K x 2), it's already good enough.
A simple look at the price history of bitcoin will show that buying bitcoin at this time is not a bad decision. Bitcoin is a long-term investment for those who are not traders, so buying bitcoin now means you're leaving it for a long time.
You don't need a professional to explain anything to you. If 15 years ago bitcoin was less than $100 and now it has grown above $100k then you should know there is a very big potential of it getting to even greater numbers because if it can grow so much in a time when the government and many other corporations and venture capitalist were fully against bitcoin, what do you think will happen now that there is a compromise amongst these people and a paradigm shift in the way they view bitcoin? It's not rocket science.
I agree with the overall proposition of your post that any time is a good time to buy BTC from a long-term perspective. I just want to add that understanding key levels such as those mentioned in OP will further help you make better entry points (even for DCA) and increase your overall BTC holdings.
Thanks for you post, as everyone is really on that $150k-$180k prediction. Even non TA might want to tend on that level, Just remember the lowest low that we have in this cycle, it's $15,500 and if someone could have bought 1 BTC by that time, he could just be sitting right now and just waiting as what will be the peak of this cycle and most likely sell some and repeat the cycle again. You really need to have a lot of balls though, to look long term and be positive based on the past historical logs of Bitcoin that in every cycle the price is going to multiple x folds of amount. Although the next cycle could be less dramatic as there are a institutions and governments who are going to invest on it as well. But still, for average joe, we have time to buy and accumulate even at this point.
Ive been thinking for a couple of years that this cycle top will be $180,000 - $250,000. The 2017 cycle top was close to $20,000 so we did a 3.5x to the 2021 cycle top at $69,000.
Multiply $69,000 by three = $207,000 so with slightly diminishing returns $181,000 would make sense and Id be happy with that. Lets go boys!
Yes, and what if we hit that $207k? so I guess we could really stick to it for now, although if we are going to be conservative, $180k tops this bull run, is not that bad and we will be very happy to take it.
And it still aligns with what the earlier predictions, except maybe those personalities or entities who has obvious some narrative on why they pushes like in the $250k or even as high as $400k this bull run.
It's great to see people predicting the price of Bitcoin, we know the price of Bitcoin will definitely rise beyond the current, not just $180k it could even reach $250k, because over time more and more people will realise the potential and benefits of Bitcoin in the future, with limited supply and technology in it it is a fair price. Currently I personally have take profit on all the bitcoins i have, selling 100% above the price of $100k, the reason is that currently Bitcoin is still in a sideaway state, i am a techincal anlysis user, so of course i will adhere to the trading plan i made, i will wait and see Bitcoin breakout beyond the highest resistance, after that i will buy it back.
I think OP also understands because i see you use Moving Average in your analysis, surely you know if the price is sideaway we have to wait for the entry moment to minimise risk while looking for the best price. i understand all prices are cheap, that is if you are a long-term investor. While i prefer to take short-term profits (Scalping), it is more profitable and maximises profit, for me.
Finally, we must remain careful because no one knows the price of Bitcoin next week or next month, never use borrowed money for investment, it is very risky. No one expected the current Bitcoin price to exceed $100k even though 2023 Bitcoin is still at $17k so anything can happen, for long-term investors it will not be a problem, while for small retail this will be a problem if you have to wait for the 2028 2029 bull run, because Bitcoin still has the potential to fall below $90k, so you have to anticipate from the start because the most important thing is real life.
Bitcoin is predicted by me to reach the all-time high of $150,000 before this bull season ends
Also, there have been several speculations regarding the market price for bitcoin this bullrun, but few are going to be accurate.
If you think you're well doing in this, then recall on the previous speculations made and see how accurate they have applied to the market value we later have bitcoin.
You can see the massive volume at that level. IMO many big whales have already capitalized on that opportunity and this is what propelling this bullrun fundamentally.
Spot on!
Really! sideaway state!!!!
Yeah, maybe for a short-term trader it is .
Anyway, what was your entry point before chickening out at $100k? . Just kidding mate . Your money your choice.
I think you have understood or not understood at all. just kidding mate, LOL.
Of course, before i was a long-term investor who bought Bitcoin with DCA, take profit with an accumulated profit of more than 300% in my opinion is not too bad ( Buy on rumour Sell on News ).
There is a reason why i decided to Scalping at this time and i have said it in the previous post, you can read it again. While the holder is waiting for Bitcoin to make a new ATH, i have made more than 30% profit just by utilising the momentum of the $90k - $105k Range, LOL.
Next is to wait for the moment, just run the trading plan that has been made. Good luck with you mate, see you at the new ATH of Bitcoin.
Many still think that waiting for a huge correction before buying is the best option, but they never think that they are just wasting their time.
We can imagine how people looked at Bitcoin when it was only $1,000. They assumed it would never survive, but in 2017, Bitcoin made a big surprise and regretted it. Most of us got it wrong, but I don't think we should have doubts about it since it has been proven several times.
If there were someone to say that bitcoin is worthless. I don't believe he knows bitcoin.
Yes, the market condition has not shown the price movement as expected by many people and this is quite triggering the emotions of market players if we pay attention. For the BTC price I think it will be 120K first and that might be quite relevant and Btw, it seems like the plane passengers are about to be full and ready to fly.
If anything bitcoin is still very undervalued! A quick look at the charts and seeing the previous 4-year cycles we have had in the past 16 years proves it because this cycle we have not yet began the actual rise and price is just slightly higher than the previous ATH (roughly 40%) whereas in 2017 for example, the price went 1900% higher than the previous ATH.
Right now I personally think that Bitcoin would hit an astonishing figure this year and this is due to the fact that the condition is most favourable for Bitcoin this year considering Trump's campaign and support for the crypto industry.
I know how so many top individuals who fought against Bitcoin last year but nevertheless Bitcoin still grew to what we know it today.
So if Bitcoin could grow and appreciate during a era where the elites were trying so hard to get rid of it how much more now that everything seems favourable and the president of the united states is on it's side.
Bitcoin surpassed our expectations in 2017, I think it grew 3x it's normal price, which sent shocking waves across the crypto space and Bitcoin can still experience such again.
Market movements began to be seen last week. Bitcoin has touched ATH as well as market conditions which have triggered all Altcoins to move 30%. If we pay attention today the market has started to experience a major correction which will not be achieved as you imagine, I agree the Bitcoin price prediction will reach $120k in the near future we need to wait for the right time because Bitcoin has had a big correction several times I think this is very normal right? Bitcoin will reach its highest point after a correction like what happened before.
My imagination has quite a lot of room for corrections/fluctuations;D.
Corrections are essential and show that the market is operating under normal factors. There is a dedicated trading indicator called the Fibonacci Indicator which predicts some key levels. Corrections are good, not bad especially when we have seen good growth.
Yes, I also predicted the increase will be at $150,000-$200,000 but I am not sure if that will be the new all time high for this bull season.
That could be more than $200,000 if more support coming to Bitcoin so the price can increase more. But that is just prediction which we never know.
We just wait for this time but we need to be careful with this correction as that can dump so hard before the rise.
Market fluctuations will not bother you (well not that much at least ) if you have a long-term investment goal. With an asset like BTC, you cant really go wrong, just like, with gold and silver (weve already left silver behind in terms of market cap).