A crypto strategist is of the opinion that Bitcoin (BTC) and Ethereum (ETH) have more room to walk up this cycle before the markets take a bearish turn.
Trader Ali Martinez tells His 120,000 followers on the social media platform X that he looks at Bitcoin’s Mayer Multiple at Time BTC’s Markttop.
The Mayer-Multiple is a technical tool that measures the difference between the current price of BTC and the 200-day advancing average to determine whether Bitcoin Overbought or sold.
According to Martinez, the technical indicator has been on site in the past when marking Bitcoin’s Bull Market Top.
“Historically, the Mayer -more initially Bitcoin Overbought has identified conditions when BTC is traded above the 2.4 -oscillator. Every market top has taken place above this level.
At the moment the 2.4 level is almost $ 182,000, suggesting that BTC still has room to grow. “
At the time of writing, Bitcoin acts for $ 98,772.
As far as Ethereum is concerned, Martinez says that he is closely monitoring at the market value of ETH to the price band of the realized value (MVRV), an on-chain statistics that is used for measuring whether an asset is witnessed of extreme levels Realized profit or loss. When the MVRV Price Tire is floating Above 2.4 for about 6% of the trade days, this suggests an increased chance of taking investors who can mark a Cycle TOP.
Out Martinez,
“Ethereum ETH has surpassed the 3.2 MVRV prize band in every Bullish cycle. This level is currently $ 6,770! ”
At the time of writing, ETH acts for $ 3,072.
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Generated image: midjourney
