🌟 Bitcoin bottomed out? This signal indicates that a bull run is coming!
Although the price of Bitcoin has fallen recently, some on-chain data shows positive signs!
Analysts point out that the Mayer Multiple, a tool to measure market sentiment, shows that the data is falling, from 1.82 to 0.9. If this number can drop further to 0.7, it may mean that the market has really bottomed out. According to analysts' predictions, this bottom may be between $46,000 and $50,000.
If the reading is below 1, it usually means that the market may be undervalued. At the same time, the current Mayer Multiple shows a reading of around 0.9.
However, don't forget that the Mayer Multiple is a lagging indicator, which is calculated by comparing the spot BTC price and the 200-day moving average.
From a technical point of view, Bitcoin's daily chart pattern still shows an upward trend. Although the price fell below $60,000, it still remained near the bull support line during September 13. This is obviously good news for buyers, as the price is falling while the volume is decreasing.
In addition to the Mayer Multiple, the futures market also gave some positive signals. Data from CryptoQuant shows that Bitcoin's futures sentiment index is rising, which generally means that the price will follow suit.
In summary, analysts believe that if Bitcoin can maintain above $56,500, buyers still have a chance. If it can break through last week's high of $61,000, it is more likely to trigger FOMO sentiment in the market and drive Bitcoin prices further up.
👇 What do you think? Do you think Bitcoin has bottomed? Share your thoughts in the comments section and let's discuss this hot topic together!
