An important Bitcoin indicator is now flashing positive
Bitcoin showing some signs that the bear market may indeed be behind it.
The Mayer Multiple, which has been used to quantify price bubbles as well as bull/bear markets, is now at its highest levels in over a year.
The current reading is a 1.156.
The last time we saw a reading this high was back in March of 2018.
As a reference point, we were around .50 during the lows of November last year, and around 4.0 during the mania peak in December of 2017.
Here's the chart of what the Mayer Multiple has looked like:
(Source: https://twitter.com/ChartsBtc/status/1118534666728816641)
What does this mean?
Well it means a couple things...
For one, it may mean we are about to pull back as things may be slightly over heated in the short term.
Like I said, this is the highest reading in over a year and in general, the higher the reading the more bubblish the price.
That being said...
In the past, bitcoin has mostly only been over 1.0 in times of a bull market.
It was over 1 for basically the entire 2016-2017 bull market:
(Source: https://twitter.com/ChartsBtc/status/1118534666728816641)
Which means...
In the short term...
We may be due to pull back slightly, but we are likely to continue surging higher in the months to come.
Stay informed my friends.
-Doc
I hope it will stay that way
Posted using Partiko Android
It stayed over 1 through basically all of 2016 and 2017.
Looks bullish but i wonder if we will have a correction before full bull
I am hoping that we do. Past patterns say we will.
To the Moon 🌝
Sure would be nice!
Some good news is long overdue I’m still busy accumulating so I don’t mid the current prices I just want to be ready to maximize on the next run
Posted using Partiko iOS
I hear you. That is my plan as well.
Excellent! Thanks for sharing this new indicator for me! I have never heard about MAYER MULTIPLE.
It's worth paying attention to for sure.
It is named after Trace Mayer who didn’t necessarily invent it but used it as an indicator for prices. He is an interesting guy to follow!
Posted using Partiko iOS
He actually used to post on here as well.
Really? Who is he at Steem?
Posted using Partiko iOS
This guy:
https://steemit.com/@tracemayer
Hasn't really been active on here for almost 2 years though.
Hopefully being over 1.0 (and staying there) will only bring long term bulls into this kind of dry streak we've been having, short term mindset is for newbies, right?
I'm wondering if you have a discord account, if so, can I send you a dm? I would like to have a word with you. Peace and thanks in advance
Sure would be nice to see the dry streak/bear market be over sooner rather than later.