Bitcoin has remained somewhat steady since the leading crypto by market value touched a record peak last week. BTC maintained its movements in the $60,000 – $63,000 region. Keep in mind that market participants expected such movements by BTC. However, some market players remain skeptical on whether BTC will surge further.
Is Bitcoin’s Macro-Bullish Structure Intact?
Besides the BTC’s hesitancy highlighted above, the coin has had improving fundamentals. For example, the Puell Multiple consistently remained below two since the start of October. Remember, the probability of miners trimming HODLings intensifies when this metric rises.
While writing this analysis, the BTC network appears controlled. Keep in mind that most miners seem to HODL their tokens. On the other part, BTC’s hash rate has been surging higher each day. It did suffer its deepest plunge during May-June. However, things have improved since then. Moreover, the 30-day Moving Average stayed beyond the 60-day Moving Average, suggesting that the worst-selling pressure had ended.
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If Bitcoin’s fundamentals gain additional strength, expect Bitcoin to hit a six-digit valuation soon. BTC’s Mayer Multiple also depicted that. At this publication, this metric read at 1.35. That means that BTC already trades at a 35 percent premium to 200-day Moving Average.
The Mayer Multiple helps analyze Bitcoin’s price actions according to its past movements. Remember, investors have enjoyed significant profits whenever they invest at a multiple under the 2.4 mark.
Keep in mind that Bitcoin has seen the MM above 1.5 whenever BTC price rallied. With the current condition, market players should expect a full-fledged surge phase joining the Bitcoin ecosystem. For now, the Mayer Multiple bands would be vital as far as BTC’s trend intensity is concerned. Meanwhile, Bitcoin is in the bullish ‘band’ at the moment.
When BTC joined the band mentioned above from below, the crypto has mostly pushed itself to the extension region before joining the overbought territory. At this publication, the extension region stayed in the $76,900 – $113,090 area. With that, BTC will record new ATH soon if the crypto repeats its elevation tradition.
Analysts highlight that this bullish phase resembles others. The market might fluctuate to different angles, but it has higher chances of bouncing back with strength for a six-digit valuation in the coming months.
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