Bitcoin: This Could Be Investors' 'Golden Chance' to Buy BTC
Since the last week of June, Bitcoin has been oscillating around $30,000-$31,000. This comes on the back of the 60% incline registered by the asset from its March lows. Despite being in its consolidation mode, Bitcoin is currently trading within the ‘bullish’ band [golden] on the Mayer Multiple charts. BTC/USDT by TradingView The Mayer Multiple typically gauges the valuation of Bitcoin and divides it by the 200-Moving Average. Comparing the average long-term price of BTC with its current price helps investors evaluate the under or over-valuation of the asset. As depicted in the chart below, Bitcoin’s price has tested the oversold region [fluorescent green] 3 times in the past since 2012. The price has bounced back on every occasion to the bullish extension [maroon] or overbought bands [red] and registered a long-term recovery. That being said, there have been prolonged periods of sideways movement, but a higher target has always been attained post-oversold region touchd...