Bitcoin (BTC) Is Currently Undervalued and Poised for More Upside, Says Pseudonymous Analyst Rekt Capital
- 王林Original
- 2024-07-02 03:11:58332browse
In a new video update, the analyst takes a look at the Pi Cycle top indicator, which has been used on Bitcoin for nearly a decade.
A pseudonymous crypto analyst known as Rekt Capital says that one key technical indicator is suggesting that Bitcoin (BTC) is currently trading at a discount, hinting at further potential gains.
In a new video update, the analyst examines the Pi Cycle top indicator, which has been applied to Bitcoin for close to a decade.
The Pi Cycle top indicator is derived from the 111-day moving average (DMA) and a multiple of the 350 DMA.
According to Rekt Capital, periods of price trading below the 111 DMA have historically presented “bargain” buying opportunities for BTC bulls.
“If we’re thinking about this halving year, then holding this moving average (111 DMA) is quite important and we’ve seen small deviations and a deviation below the orange moving average has historically been a bargain buying opportunity.
We’re currently seeing this deviation for the first time in 2024.
Throughout 2017, any deviation below the orange moving average has been a fantastic buy-side opportunity. This is probably going to be the moment of absolute extreme fear and capitulation on the sell side.
On the upside, we tend to see revisits of the green moving average, and when we do see these revisits, we tend to reject on the first time of asking. On the second or third time of asking, we break beyond this green moving average. We’re probably going to be able to over-extend beyond there, like we’ve seen many times in the past.”
Bitcoin is changing hands at $63,278 at the time of writing.
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