Crypto Analyst Explains Why Bitcoin Is Incredibly Cheap Right Now
Crypto Analyst (BTC) Price
Modified Date:- Published Date:-Categories: Cryptocurrency
Crypto Analyst Explains Why Bitcoin Is Incredibly Cheap Right Now
On Monday (June 27), crypto analyst Will Clemente, Lead Insights Analyst at Blockware Solutions, took a closer look at the price of bitcoin. Clemente, who was using data from blockchain data and intelligence platform Glassnode, was basing his claim on the fact that the Meyer multiple is currently around 0.6.
The Mayer Multiple, which was created by Trace Mayer as a way to analyse the price of Bitcoin in a historical context is the multiple of the current Bitcoin price over the 200-day moving average. In other words, Bitcoin is currently trading at a 40% discount to its 200-day simple moving average (SMA).
According to the June 27 issue of Glassnodes The Week Onchain Newsletter, almost all macro indicators for Bitcoin are at all-time lows, signalling potential floor formation, with many even trading at levels with single digit percentage points of prior history at similar levels. Clemente, who was using data from blockchain data and intelligence platform Glassnode, was basing his claim on the fact that the Mayer Multiple is currently around 0.6.
The Meyer multiple, which was created by Trace Meyer "as a way of analyzing the price of bitcoin in historical context," is a "multiplier of the current bitcoin price over the 200-day moving average." In other words, bitcoin is currently trading at a 40% discount from its 200-day simple moving average (SMA).
According to the June 27 issue of Glassnode’s “The Week Onchain Newsletter”, “almost all macro indicators for Bitcoin are at all-time lows, signalling potential floor formation,” with many “even trading at levels with single digit percentage points of prior history at similar levels.”
Crypto analyst, Bitcoin Price, Blockchain, Glassnode, Mayer Multiple, Onchain Newsletter, Cryptocurrency, SMA