Crypto trader Killa said Bitcoin has moved back above the 0.8 level on the Mayer Multiple after briefly falling below it, according to a BlockBeats report published on Aug. 16. He compared the move with 2022, when BTC also dipped under that threshold for a short period before recovering it. In Killa’s view, though, the more meaningful confirmation in 2022 came when Bitcoin reclaimed its 200-day moving average, after which the bull market began. He said Bitcoin’s 200-day moving average is currently around $69,500. Based on that framework, Killa argued that the next step is to wait for BTC to break back above and hold that level. If that happens, he said, the market could be regarded as having formally turned bullish.
Bitcoin has climbed back above the 0.8 level on the Mayer Multiple after briefly falling below it, trader Killa said in a post cited by BlockBeats on Aug. 16.
Killa points to a similar setup in 2022
Killa said BTC briefly broke below the same level in 2022 before recovering it. He added that the real confirmation signal that year came later, when Bitcoin reclaimed its 200-day moving average. According to his account, that was the point after which the bull market began.
$69,500 is the level he is watching
Killa said Bitcoin’s 200-day moving average is currently around $69,500. In his view, the next thing to watch is whether BTC can break back above that line and hold it.
If Bitcoin completes that move, Killa said the market can be viewed as having formally shifted into a bull market.
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