Bitcoin
Bitcoin Classic Indicator Shows ‘Bargain Opportunity’ Amid Market Fear, According to Crypto Analyst
Pseudonymous analyst Rekt Capital says a benchmark indicator is signaling that Bitcoin (BTC) is currently undervalued, with more upside potential to be captured.
In a new video update, the analyst makes a to look on the top Pi Cycle indicator, which has been used in Bitcoin for almost a decade.
The Pi Cycle top indicator uses the 111-day moving average (DMA) and a multiple of the DMA of 350.
According to Rekt Capital, trading prices below the 111 DMA has historically been a “bargain” opportunity for BTC bulls.
“If we are thinking about this halving year, then holding this moving average (111 DMA) is very important and we have seen small deviations and a deviation below the orange moving average has historically been an advantageous buying opportunity.
We are seeing this deviation for the first time in 2024.
Throughout 2017, any deviation below the orange moving average has been a fantastic buying opportunity. This will likely be the moment of absolute extreme fear and capitulation on the sell side.
On the positive side, we tend to see revisits of the green moving average, and when we see those revisits, we tend to reject on the first time of asking. On the second or third time of asking, we break beyond that green moving average. We will probably be able to extend beyond that, as we have seen many times in the past.”
Source: LookIntoBitcoin
At the time of writing, Bitcoin was trading at $63,278.
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