Crypto trader Killa said Bitcoin has moved back above the 0.8 level on the Mayer Multiple after briefly falling below it. He pointed to a similar setup in 2022, when BTC also dipped under that threshold for a short period before recovering it. According to Killa, the more meaningful confirmation in 2022 came when Bitcoin climbed back above its 200-day moving average, a move he said was followed by the start of a bull market. He added that Bitcoin’s 200-day moving average is now sitting at about $69,500. In his view, the next step is for BTC to break back above that line and hold it, which he said would allow the market to treat the move as a formal turn into a bull market.
ChainCatcher reported that well-known trader Killa said Bitcoin has moved back above the 0.8 level on the Mayer Multiple after previously slipping below it.
Killa said BTC saw a similar move in 2022, when it briefly fell under the same level and then reclaimed it.
200-day moving average remains the key level
He said the real confirmation signal in 2022 came when Bitcoin rose back above its 200-day moving average, after which the bull market began. Bitcoin’s 200-day moving average is currently around $69,500.
In Killa’s view, the market now only needs to wait for Bitcoin to break back above the 200-day moving average and hold that level. Once that happens, he said, the market can regard the trend as having officially turned bullish.
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