It was not completely pink last week, but the digital asset market responded somewhat well to the start of the new Donald Trump administration. Specifically, the price of bitcoin was able to withstand the unconfirmed storm that prevailed over the cryptocurrency market during the past few days.
While the main encrypted currency may have slowed in recent days, the latest note on the series shows that Bitcoin is likely to continue its bullish movement. Here is how the distinctive code price can prepare for another step in the coming weeks.
Is there a room for further growth in bitcoin prices?
In a post on January 24 on the X platform, the Glassnode Market Company Clarify The price of Bitcoin has not yet increased and still has the ability to achieve more growth in the next few weeks. This disclosure depends on the series on the multiple Mayer index, which is calculated as the ratio between the price of the original and the moving average for 200 days (200DMA).
Mayer’s double measures the distance between the price and medium bitcoin in the long run to estimate the conditions of the peak purchase and the seed of the sale. This scale is also used to determine the total bias of the revolution or landing when analyzing periodic prices.
Historically, Meyer’s double indicates a peak purchase status in the market and the highest possible price when its value is higher than 2.4. On the other hand, the Mayer Multiple value of less than 0.8 indicates the peak of the sale and that the market may be at a bottom.
Source: Glassnode
According to data from Glassnode, the value of the Bitcoin 1.37 Mayer Multoin 1.37, indicating that the main cryptocurrency is still very far from the peak purchase area. This data indicates that BTC still has a room for further growth in this course. Moreover, the price of bitcoin is at least 35 % higher than the moving average for 200 days, which is a bullish sign.
Glassnode has highlighted that the price of bitcoin will need to rise above $ 180,000 to become in the peak purchase area. The price level represents this potential peak of the main cryptocurrency in this current cycle and can be followed by the reflection of the direction. With the peak of the sale at 0.8, Mayer Multiple sets the price of bitcoin at about $ 60,000.
Bitcoin’s price has not been particularly impressive since it exceeded the sign of $ 100,000, which led to the high price of the market. This indicator provides some extent insight into the potential track of the leading cryptocurrency in the next few months.
Bitcoin price at a glance
Until these lines, the Bitcoin price was just less than $ 105,000, reflecting the lack of a large movement last day.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Distinctive image from Istock, a graphic drawing from TradingView
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