Coinspeaker
Bitcoin to $200K? Analyst’s Bullish Take
Bitcoin (BTC) is showing renewed signs of strength, rebounding sharply after a volatile start to the week with billions being wiped off from the global crypto market cap.
The largest cryptocurrency by valuation reached a daily high of $83,541, and at press time, it was trading at $81,671.81, representing a 6% increase in the past 24 hours.
A 28.90% spike in trading volume suggests a retest of the 20-day Exponential Moving Average (EMA) at $82,630, a critical resistance level. A break above this zone could indicate the return of bullish momentum.
Mayer Multiple Hints at $208K Market Top
Crypto analyst Ali Martinez recently pointed to the Mayer Multiple, a long-term valuation metric comparing BTC’s price to its 200-day moving average.
Based on the Mayer Multiple, #Bitcoin $BTC could find solid support around $69,500. And, a breakout above $86,900 might set the stage for a market top near $208,550. pic.twitter.com/aoLK
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