Analyst: "This Indicator Says 'Bullish Trend Is Not Over' in Bitcoin, Price Must Rise to This Level!"

Leading cryptocurrency Bitcoin (BTC) has been sending investors into a tailspin with recent spikes and dips. While speculation continues to mount about BTC’s future, there’s growing speculation that it may have reached its peak.

However, one analyst said that BTC has not yet reached its peak and could reach $180,000 before reaching overbought levels.

Eave Capital Management analyst Frank Petter said Bitcoin has the potential to rally to $180,000 before entering an overbought phase.

At this point, the analyst analyzing the Mayer Multiple index stated that this index is currently closer to oversold levels than overbought.

The analyst noted that the Mayer Multiple index is currently at 1.16, which is closer to the oversold level of 0.8 than the overbought level of 2.4.

He said that the indicator should reach the 2.4 level to signal an overbought condition, which would mean BTC reaching $180,000.

“I like the setup. The chart implies a rally to $180,000 for BTC/USD to reach 2.4.”

The Mayer Multiple compares BTC’s current price to its 200-day moving average, and a reading below 2.4 is often seen as a buy signal.

Back in July this year, another crypto analyst, Axel Adler Jr., also said that Multiple readings near 1.1 were seen as “a good fuel reserve for a new bullish momentum.”

However, some analysts are noting that increased price volatility in the short term could potentially lead to a 10% drop and push BTC below $114,000.

*This is not investment advice.