Bitcoin May Reach $208,550 If It Breaks Above 200-Day MA
An analyst has discussed the implications of Bitcoin's movement relative to its 200-day moving average (MA). Key points include:
- The Mayer Multiple, which compares Bitcoin's price to its 200-day MA, is crucial for assessing market conditions.
- A Mayer Multiple value of 2.4 indicates potential overvaluation, while below 0.8 suggests a possible bounce towards the 200-day MA.
- Currently, Bitcoin's price is under the 200-day MA at $86,900, with the Mayer Multiple below 1.0.
- The next support level is $69,500, corresponding to a Mayer Multiple of 0.8.
- Recent price movements show Bitcoin rising back to $81,500 after a 6% increase.
- A successful retest and break above the 200-day MA could set a market top around $208,550, linked to the 2.4 Mayer Multiple.
