{"id":121529,"date":"2019-12-19T21:36:48","date_gmt":"2019-12-19T21:36:48","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=121529"},"modified":"2019-12-19T22:36:58","modified_gmt":"2019-12-19T22:36:58","slug":"key-indicator-shows-its-time-to-accumulate-bitcoin-but-the-bottom-is-far-ahead","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/key-indicator-shows-its-time-to-accumulate-bitcoin-but-the-bottom-is-far-ahead\/","title":{"rendered":"Key indicator shows it\u2019s time to accumulate Bitcoin, but the bottom is far ahead"},"content":{"rendered":"<p>Despite the high levels of volatility seen yesterday, Bitcoin stabilized around $7,200. Now, a renowned technical analyst suggests that it is a good time to be \u201cstacking sats\u201d while another estimates a further correction.<\/p>\n<h2>Bitcoin is fairly \u201ccheap\u201d<\/h2>\n<p>In a recent tweet, <a href=\"https:\/\/twitter.com\/ecoinometrics\">Ecoinometrics<\/a> <a href=\"https:\/\/twitter.com\/ecoinometrics\/status\/1207567133187530752\">points out<\/a> that Bitcoin is trading at a \u201ccheap\u201d price relative to its long-term trend. Based on the Mayer Multiple, a ratio of the price of BTC to its 200-day moving average, the analyst believes that under the current price levels the pioneer cryptocurrency presents a good opportunity for investors to buy.<\/p>\n<p>Ecoinometrics said:<\/p>\n<blockquote><p>\u201c[Bitcoin is] still cheap when looking at the big picture. So no reason for not #StackingSats today!\u201d<\/p><\/blockquote>\n<p>At the moment, the Mayer Multiple sits at 0.78x. A low value, such as the current one, is indicative of fair prices while a high value implies that Bitcoin is relatively expensive.<\/p>\n<figure id=\"attachment_121530\" aria-describedby=\"caption-attachment-121530\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-121530 size-large\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/12\/Mayer_Multiple-2-1024x411.jpg\" alt=\"Mayer Multiple History chart\" width=\"1024\" height=\"411\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/12\/Mayer_Multiple-2-1024x411.jpg 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/12\/Mayer_Multiple-2-300x120.jpg 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/12\/Mayer_Multiple-2-768x308.jpg 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/12\/Mayer_Multiple-2-1536x616.jpg 1536w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/12\/Mayer_Multiple-2-2048x822.jpg 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption id=\"caption-attachment-121530\" class=\"wp-caption-text\">Mayer Multiple History by Ecoinometrics<\/figcaption><\/figure>\n<h2>Lower lows ahead<\/h2>\n<p>Regardless of the low value given by the Mayer Multiple, <a href=\"https:\/\/twitter.com\/CryptoKea\">CryptoKea<\/a>, a crypto investor and technical strategist, <a href=\"https:\/\/twitter.com\/CryptoKea\/status\/1207315289643343872\">maintains<\/a> that it is far from presenting a good buy opportunity.<\/p>\n<p>The chartist argues that this technical index is stipulating that the pioneer cryptocurrency is currently in a bear market. After spending more than 40 days below the 200-day moving average, BTC could be pushing for lower lows.<\/p>\n<p>CryptoKea affirms that Bitcoin is trading within the bearish channel of the Mayer Multiple, which is between 1.1x and 0.55x. He considers this area to be the \u201cfirst stop.\u201d<\/p>\n<p>From now on, BTC could continue trending down for the next one to six months before it enters the \u201coversold\u201d territory. According to the analyst, this is when a \u201cvery good buy opportunity\u201d will be presented as the Mayer Multiple goes below 0.55x.<\/p>\n<p>CryptoKea stated:<\/p>\n<blockquote><p>\u201cIf we take a look at how much higher the [Mayer Multiple] lows came in each [of the previous] bear cycles, conservatively, the 4th one could come in 15 percent higher than 0.51x which would lead to a low of $5,500.\u201d<\/p><\/blockquote>\n<figure style=\"width: 1287px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/pbs.twimg.com\/media\/EME-1iFW4AcNmgu?format=jpg&name=large\" alt=\"Mayer Multiple Price Bands chart\" width=\"1287\" height=\"675\" \/><figcaption class=\"wp-caption-text\">Mayer Multiple Price Bands by CryptoKea<\/figcaption><\/figure>\n<p>Although Bitcoin appears to have entered an <a href=\"https:\/\/cryptoslate.com\/is-bitcoin-bottoming-out-like-it-did-a-year-ago\/\">accumulation zone<\/a>, CryptoKea is not the only prominent analyst in the industry who is expecting <a href=\"https:\/\/cryptoslate.com\/bitcoin-aims-for-lower-lows-as-the-market-sentiment-turns-bearish\/\">lower lows<\/a>. The growing concerns about the <a href=\"https:\/\/cryptoslate.com\/did-major-exit-scams-drive-down-the-price-of-bitcoin-down-in-2019\/\">PlusToken scammers<\/a> manipulating the market have prevented investors from buying in while others are still <a href=\"https:\/\/cryptoslate.com\/data-shows-bitcoin-investors-are-still-hodling-firmly-despite-price-slump\/\">holding<\/a>. Time will tell whether BTC is ready to break out of the downtrend it entered in June or continue falling.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Despite the high levels of volatility seen yesterday, Bitcoin stabilized around $7,200. Now, a renowned technical analyst suggests that it is a good time to be \u201cstacking sats\u201d while another estimates a further correction. Bitcoin is fairly \u201ccheap\u201d In a recent tweet, Ecoinometrics points out that Bitcoin is trading at a \u201ccheap\u201d price relative to [&hellip;]<\/p>\n","protected":false},"author":148,"featured_media":121536,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[120,15323],"tags":[],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Key indicator shows it\u2019s time to accumulate Bitcoin, but the bottom is far ahead<\/title>\n<meta name=\"description\" content=\"A renowned technical analyst suggests that it is a good time to be \u201cstacking sats\u201d while another estimates that Bitcoin is bound for a further correction.\u00a0\u00a0\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/key-indicator-shows-its-time-to-accumulate-bitcoin-but-the-bottom-is-far-ahead\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Key indicator shows it\u2019s time to accumulate Bitcoin, but the bottom is far ahead\" \/>\n<meta property=\"og:description\" content=\"A renowned technical analyst suggests that it is a good time to be \u201cstacking sats\u201d while another estimates that Bitcoin is bound for a further correction.\u00a0\u00a0\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/key-indicator-shows-its-time-to-accumulate-bitcoin-but-the-bottom-is-far-ahead\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2019-12-19T21:36:48+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-12-19T22:36:58+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/12\/bitcoin-nut.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Ali Martinez\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ali Martinez\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/key-indicator-shows-its-time-to-accumulate-bitcoin-but-the-bottom-is-far-ahead\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/key-indicator-shows-its-time-to-accumulate-bitcoin-but-the-bottom-is-far-ahead\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/ali-martinez\/#person\",\"name\":\"Ali Martinez\",\"url\":\"https:\/\/cryptoslate.com\/author\/ali-martinez\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/ali-martinez\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/ali-martinez\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/04\/victor-charles-profile-e1555981456737-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/04\/victor-charles-profile-e1555981456737-300x300.jpg\",\"caption\":\"Ali Martinez\"},\"jobTitle\":\"Analyst\",\"description\":\"Ali came across Bitcoin\u2019s whitepaper in 2014. 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Martinez","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/cryptoslate.com\/#\/schema\/person\/image\/","url":"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/04\/victor-charles-profile-e1555981456737-150x150.jpg","contentUrl":"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/04\/victor-charles-profile-e1555981456737-150x150.jpg","caption":"Ali Martinez"},"description":"Ali came across Bitcoin\u2019s whitepaper in 2014. He was so fascinated by the idea of a decentralized, borderless, and censorship-resistant currency that he started accumulating BTC since then. Ali has been working as a content writer for some of the leading media outlets in the cryptocurrency industry.","url":"https:\/\/cryptoslate.com\/author\/ali-martinez\/"}]}},"_links":{"self":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/121529"}],"collection":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/users\/148"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/comments?post=121529"}],"version-history":[{"count":7,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/121529\/revisions"}],"predecessor-version":[{"id":121539,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/121529\/revisions\/121539"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/media\/121536"}],"wp:attachment":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/media?parent=121529"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/categories?post=121529"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/tags?post=121529"},{"taxonomy":"prediction_market_topic","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/prediction_market_topic?post=121529"},{"taxonomy":"post_folder","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/post_folder?post=121529"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}