The price of Bitcoin (BTC) is again feeding suggestions that it is preparing to grow, as two more indicators are on the rise.
According to this week’s new data, both the Puell Multiple and Mayer Multiple now point to long-term buying opportunities.
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The Puell Multiple suggests that the price of BTC is rising
As Philip Swift, creator of the analytical resource Look Into Bitcoin, points out, the Puell Multiple has once again entered a key green zone that traditionally chooses the minimums of the Bitcoin market.
In a Market Report for Cointelegraph, Swift produced a graph showing the rare occasions when such a move has occurred; recently, it was only during the March decline and in December 2018. On both occasions, Bitcoin saw a considerable increase.
„The drop in revenue by half has presented an opportunity for Bitcoin investors based on a key Bitcoin valuation model,“ he summarized.
The Puell Multiple takes the current BTC daily issue and divides it by the moving average of a year’s issue. As such, halving events, which cut the issue by 50%, are key.
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Position of Mayer Multiple cements
Accompanying Puell is the Mayer Multiple, another classic Bitcoin price indicator, which on June 20 was well within the area that creator Trace Mayer found produces the best long-term investment returns.
A multiple of Bitcoin’s price over its 200-day moving average, Mayer claims that a score of less than 2.4 marks the limit of success.
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At the time of this edition, the multiple was 1.13, well below that level. Moreover, historically, their score was higher on more than 50% of the occasions.
Mayer himself has stressed that the indicator is not an advice to buy or sell, but a strategic tool for long-term holders.
On the other hand, as reported by Cointelegraph, several metrics now suggest that the future will be bullish for the BTC/USD. These include the fundamentals, as this week’s network difficulty increased further in a single adjustment since January 2018.