Bitcoin

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 <p class="paragraph">Bitcoin (BTC) is currently maintaining its position above $70,000 as the market anticipates how the maiden cryptocurrency’s price will evolve ahead of the upcoming halving event.&nbsp;</p>
 <p class="paragraph">With the event often associated with bullish sentiment, Bitcoin will need to surpass its previous record high of over $73,000 to reach new heights.</p>
 <p class="paragraph">In this case, a crypto analyst by the pseudonym<em> El_crypto_prof</em> has underscored Bitcoin’s potential to achieve a new record high, suggesting that it could surge to $80,000 in the near future.</p>
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 <p class="paragraph">Through an X (formerly Twitter) post on April 12, the analyst highlighted a key metric known as the Mayer Multiple <a rel="noopener noreferrer nofollow" title="indicator" href="https://thebittimes.com/tag/indicator.html">indicator</a>, which signals a bullish trend for Bitcoin. According to the <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a>, whenever Bitcoin breaks through a specific threshold on the Mayer Multiple <a rel="noopener noreferrer nofollow" title="indicator" href="https://thebittimes.com/tag/indicator.html">indicator</a>, coinciding with its proximity to or surpassing its all-time high, a parabolic move typically follows shortly after.</p>
 <figure class="wp-block-image aligncenter size-full"><img decoding="async" width="679" height="347" src="https://cdn.thebittimes.com/images/2024/04/12/5b089f7775fffc832180b4193ed4e4f2.webp" alt class="wp-image-168489" srcset="https://cdn.thebittimes.com/images/2024/04/12/5b089f7775fffc832180b4193ed4e4f2.webp 679w, https://cdn.thebittimes.com/images/2024/04/12/5b089f7775fffc832180b4193ed4e4f2.webp 300w" sizes="(max-width: 679px) 100vw, 679px">
  <figcaption class="wp-element-caption"><em>Bitcoin price analysis chart. Source/TradingView</em>
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  <p class="paragraph">“Many people don’t realise how good BTC currently looks. Whenever BTC has broken through the blue line in the Mayer Multiple-Indicator AND at the same time is close to/or above the ATH, a parabolic move started a short time later. $80,000+ very soon,” he said.</p>
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 <p class="paragraph">Notably, the Mayer Multiple is a ratio of the current price of Bitcoin to its 200-day moving average. It’s often determines whether Bitcoin is overbought or oversold. When Bitcoin breaks through a certain level of the Mayer Multiple and is also at or near its all-time high, it historically precedes a rapid upward movement in price.</p>
 <h2 class="wp-block-heading" id="h-bitcoin-s-short-term-volatility-eases-nbsp">Bitcoin’s short-term volatility eases&nbsp;</h2>
 <p class="paragraph">Generally, Bitcoin has experienced a decrease in volatility, consolidating above the $70,000 threshold. This period of consolidation aligns with the current market <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> of the unexpectedly high Consumer Price Index (CPI) report and its potential impact on future interest rates and risk assets.</p>
 <p class="paragraph">Furthermore, Bitcoin’s sideways price movement corresponds with the stabilization of inflows into spot Bitcoin exchange-traded funds (ETFs) after their initial two months of trading saw record-setting activity levels.</p>
 <p class="paragraph">Indeed, the potential stabilization in Bitcoin’s price may serve as a crucial foundation for guiding the cryptocurrency toward a new trajectory, aiming for $80,000.</p>
 <h2 class="wp-block-heading" id="h-bitcoin-price-analysis">Bitcoin price analysis</h2>
 <p class="paragraph">At the time of writing, Bitcoin was exchanging hands at $70,208, experiencing daily losses of nearly 1%. On a weekly timeframe, Bitcoin has surged by more than 5%, reaching a peak of $72,300 on April 8.</p>
 <figure class="wp-block-image aligncenter size-full"><img decoding="async" width="675" height="550" src="https://cdn.thebittimes.com/images/2024/04/12/73d4074547d8e84c56ca88a4d1b6da41.webp" alt class="wp-image-168491" srcset="https://cdn.thebittimes.com/images/2024/04/12/73d4074547d8e84c56ca88a4d1b6da41.webp 675w, https://cdn.thebittimes.com/images/2024/04/12/73d4074547d8e84c56ca88a4d1b6da41.webp 300w" sizes="(max-width: 675px) 100vw, 675px">
  <figcaption class="wp-element-caption"><em>Bitcoin seven-day price chart. Source: Finbold</em>
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 <p class="paragraph">While technical <a rel="noopener noreferrer nofollow" title="indicator" href="https://thebittimes.com/tag/indicator.html">indicator</a>s suggest a potential upward push towards $80,000, it’s important to note that Bitcoin’s attainment of this milestone is not guaranteed, given its susceptibility to other market fluctuations, notably its inherent volatility.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em>&nbsp;The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/buy-signal-for-bitcoin-as-indicator-hints-80-000-plus-soon-tbt85207.html">https://thebittimes.com/buy-signal-for-bitcoin-as-indicator-hints-80-000-plus-soon-tbt85207.html</a></p>

Buy signal for Bitcoin as indicator hints $80,000-plus soon

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TheBitTimes

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