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Thursday, December 8, 2022

Bitcoin Indicator Indicates A $15.6K Price Floor

The price of Bitcoin needs to go far lower before it puts itself at a macro bottom, as has been mentioned by one of the most accurate indicators in the crypto community.

According to data that has been collected from sources like Glassnode, it has been understood that the MVRV-Z score of the cryptocurrency is about to be complete- but it hasn’t been completed yet- which entails a price reversal in the future. While there has been much debate regarding the possibility of the exchange going beyond its current macro lows of $17,600, newer figures do suggest that the market can easily start to fall. 

Bitcoin Indicator Expects Bitcoin To Fall More

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As has been noted by Filbfilb, the co-founder of Decentrader, a trading suite, the MVRV-Z score is now in its classic green zone, but it is still not at the point which previously accompanied the price bottoms of Bitcoin in the past. MVRV-Z also measures how low or high the spot price for BTC would be relative to what has usually been referred to as the fair value. This indicator uses market cap along with realized price data along with the standard deviation that would create what has turned out to be one of the most efficient tools for prediction. 

The price of $15,600 for Bitcoin would tie in with the other various existing predictions of where the cryptocurrency is due to the bottom. A popular account on Twitter, CryptoBullet did indicate that this was one area that was quite filled with several important support zones that one needed to watch out for. The account also confirmed that a sum of $16,000 marked the average deviation from the 50-month moving average of the cryptocurrency. It must be mentioned that the RSI or the relative strength index of Bitcoin is already at its lowest.

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