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Home»Bitcoin»Is Bitcoin’s Bottom Near? The next buying opportunity could be…
Bitcoin

Is Bitcoin’s Bottom Near? The next buying opportunity could be…

2024-09-07No Comments2 Mins Read
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  • Bitcoin could soon hit a low amid rising Bitfinex long positions
  • According to the Mayer Multiple, BTC’s press-time price may be undervalued and a relative bargain

Since the massive sell-off in early August, Bitcoin [BTC] has not yet seen a sustainable solid recovery. After the aforementioned dump, the relief rally to $65,000 actually reversed sharply – illustrating the risk-off mode of investors and traders.

However, despite the latest dip to $52.5k, a local low for BTC could be likely. According to market analyst Marty Party, BTC could hit a bottom amid rising Bitfinex long positions. He said,

“Bitfinex Longs Continue to Grow – Historically, this predicts the bottom of #Bitcoin more than any other indicator.”

Bitcoin Bitcoin

Source:

Should you take the dip?

According to the analyst, Bitfinex’s BTC longs were activated on August 28, suggesting the assets could recover quickly.

AMBCrypto’s evaluation of Bitfinex’s long positions and price in BTC also revealed some positive correlations with recent bottoms.

BitcoinBitcoin

Source: Bitfinex BTC longs, TradingView

According to the accompanying chart, BTC’s bottom in April and July coincided with a sharp increase in long positions on the Bitfinex exchange. On average, BTC bottomed out after 15 days, amid rising long positions. Whether September will follow a similar trend remains to be seen.

However, here it is worth pointing out that correlations do not equal causation. And BTC’s recovery could be driven by other factors, including macro or cryptocurrency updates.

Nevertheless, according to the Mayer MultipleBTC price levels may be currently undervalued. By extension, this would provide traders with a healthy buying opportunity.

BitcoinBitcoin

Source: BitBo

For those unfamiliar, the Mayer Multiple measures the price of BTC against its 200-day moving average. It also records the relative valuation.

See also  Unexpected Bitcoin ally: Presidential candidate Kennedy shows support amid backlash

Historically, a reading below 2.4 means undervalued conditions and great buying opportunities. Anything above 2.4 is a warning sign of an overheated market.

Meanwhile, values ​​below 1 (green) coincided with local lows in July and early August. The same signal sounded in late August, similar to when Bitfinex longs were activated. This suggested that BTC could be vastly undervalued at current prices.

The extreme fear in the markets, as illustrated by a reading of 23 on the Crypto Greed and Fear Index, is another buy signal to get BTC at a discount.

Next: Dogecoin Price Prediction – DOGE’s Next Short-Term Goals Could Be…

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