Bitcoin price below $ 20,000 according to popular indicator “cheap”
For investors looking to save bitcoin (BTC), a warning came in that “there’s not much time left.” It was announced that this opportunity would be missed as the BTC price exceeded $ 20,000.
A weekly report released on December 10th by Asian crypto fund provider Stack Funds suggested that one of the key indicators would work similarly to the one in 2017, pushing up the price of Bitcoin.
Report: you can buy BTC “for now”
According to stack, the BTC / USD pair repeats the thermo market cap ratio (MCTC) in 2017, when it rose from under $ 1,000 on the Coinbase exchange to $ 19,866.
The MCTC is obtained by dividing Bitcoin’s instant market value by the total revenue miners have earned since day one, i.e. the thermo market value.
As of this week, MCTC is around 17. It mimics mid-2017 and stands in a position that heralds the start of the bull market.
Its current position is an important area for upward maneuvering, and the upward trend will continue soon.
HE SAID: “WITH RATES STILL IN THE LOW BAND, WE BELIEVE SAVINGS OPPORTUNITIES REMAIN. BUT THAT WON’T LAST LONG, IT WILL END WHEN THE $ 20,000 PRICE BECOMES REALITY.”
Stubbornness continues at $ 19,400 resistance
Bitcoin is on the hunt for a resurgence after falling below $ 18,000. Although there has been a recovery in the last 24 hours, it has not been a complete trend.
In preparation for the news release, the BTC / USD pair is trading at $ 18,300.
$ 16,200 is in a strong support position. As can be seen from trading orders on the exchanges, the BTC price was instantly rejected as $ 20,000.
Michaël van de Poppe, analyst at Coinotag Markets, says the current trend needs to break and the resistance of $ 19,400 to officially begin the rise.
“If we want to start rising and reach an all-time high again, I would like to see a break over that line,” he said in Thursday’s statement.