Popular cryptocurrency figure Trace Mayer believes that Bitcoin’s recent price gains may have peaked, at least in the medium term. Using his self-created Mayer Multiple, the Bitcoin maximalist this morning tweeted that there was very little chance of Bitcoin hitting $40k in the next couple of months. The Mayer Multiple retrospectively tracks the boom and bust cycles of Bitcoin to give some indication of fair value. Consider it the speed at which Bitcoin’s price moves away from its 200 day moving average (DMA). When price moves too far too fast, the likelihood of a correction is just around the corner.
The post Overvalued Bitcoin Price Won’t Score $40,000 in 2019: Chart Indicator appeared first on CCN Markets
source https://www.ccn.com/crypto/overvalued-bitcoin-price-no-40000-2019-chart-indicator/2019/06/24/
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