Markets
Bitcoin Classic Indicator Flashes as ‘Bargain Opportunity’ Amid Market Fear, Crypto Analyst Says
Pseudonymous analyst Rekt Capital claims that a benchmark indicator signals that Bitcoin (Bitcoin) is currently undervalued, with still upside potential to be seized.
In a new video update, the analyst takes a look to the higher Pi Cycle indicator, used on Bitcoin for almost a decade.
The Pi Cycle Top Indicator uses the 111-day moving average (DMA) and a multiple of the 350 DMA.
According to Rekt Capital, prices trading below the 111 DMA have always been a “bargain” opportunity for BTC bulls.
“If we think about this halving year, then holding this moving average (111 DMA) is quite important and we have seen small gaps and a gap below the orange moving average has always been an advantageous buying opportunity .
We are currently seeing this gap for the first time in 2024.
Throughout 2017, any gap below the orange moving average has been a fantastic buying opportunity. This will likely be a time for extreme fear and capitulation on the sellers’ side.
On the positive side, we tend to see revisions to the green moving average, and when we see these revisions we tend to reject the first time we ask. The second or third time we ask, we exceed that green moving average. We will probably be able to go beyond this level, as we have seen many times in the past.
Source: LookIntoBitcoin
At the time of writing, Bitcoin is trading at $63,278.
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