COINTURK NEWSCOINTURK NEWSCOINTURK NEWS
  • Real-Time News Feed
  • Bitcoin
  • Altcoin
  • Ethereum
  • Technology News
  • Advertise
  • Contact
  • TURTURTUR
  • ESESES
Search
© 2024 COINTURK NEWS. All Rights Reserved.
Reading: Bitcoin Analyst Known for Accurate Predictions Makes Striking Bitcoin Comment
Share
Languages
  • TürkçeTürkçe
  • EspañolEspañol
Font ResizerAa
COINTURK NEWSCOINTURK NEWS
Font ResizerAa
Search
  • Real-Time News Feed
  • Bitcoin
  • Altcoin
  • Ethereum
  • Technology News
  • Advertise
  • Contact
  • TURTURTUR
  • ESESES
Follow US
© 2025 BLOCKCHAIN Information Technologies. >> COINTURK NEWS
Powered by LK SOFTWARE
COINTURK NEWS > Bitcoin (BTC) > Bitcoin Analyst Known for Accurate Predictions Makes Striking Bitcoin Comment
Bitcoin (BTC)

Bitcoin Analyst Known for Accurate Predictions Makes Striking Bitcoin Comment

In Brief

  • Bitcoin‘s (BTC) remarkable 150% rise this year has raised concerns among some investors who show a tendency to rely too much on the first piece of information they learn, revealing the anchoring bias. This bias, which is based on relying too much on the latest or first data, has led to expectations of a price […]
COINTURK NEWS
COINTURK NEWS 1 year ago
Share
SHARE

Bitcoin‘s (BTC) remarkable 150% rise this year has raised concerns among some investors who show a tendency to rely too much on the first piece of information they learn, revealing the anchoring bias. This bias, which is based on relying too much on the latest or first data, has led to expectations of a price drop among investors who succumbed to the anchoring bias, especially due to the sharp bear market in 2022.

Contents
Bitcoin is Not Yet at an Extreme Point According to 3 Important On-Chain IndicatorsRise Signal Given by Indicators and Block Reward Halving

Bitcoin is Not Yet at an Extreme Point According to 3 Important On-Chain Indicators

Traditional finance investors who want to invest in Bitcoin tend to be sensitive to the anchoring bias, expecting lower prices due to the rare doubling of traditional assets within a year. In addition, investors tend to exhibit a behavior known as loss aversion, leading them to exit winning trades early and hold losing trades for longer.

Contrary to these cognitive biases, the three fundamental on-chain indicators of Bitcoin, Puell Multiple, MVRV Z-Score, and Mayer Multiple indicate that the price of the largest cryptocurrency is not excessively high and may continue its rally in 2024.

The Puell Multiple indicator, calculated by dividing the daily BTC issuance value by the 365-day moving average, is currently at a level of 1.53. Being well below the red zone above the 4 level, the indicator points to further upside. Experts evaluate that the indicator could enter a consolidation zone after Bitcoin’s expected block reward halving in April 2024.

Another important on-chain indicator, the MVRV Z-Score, which shows how many standard deviations the market value of Bitcoin is different from its fair value, is at a level of 1.6, indicating that the largest cryptocurrency is overbought. Historically, an MVRV Z-Score above 8 indicates an extremely high price, while negative values ​​indicate discounted prices.

The Mayer Multiple indicator, which measures the difference between Bitcoin’s market price and the 200-day Simple Moving Average (SMA), is at a level of 1.404, indicating that Bitcoin may rise before being considered overbought. As is known, the 200-day SMA is an important indicator in determining long-term trends.

Rise Signal Given by Indicators and Block Reward Halving

Despite the anchoring bias and loss aversion tendencies, the Puell Multiple, MVRV Z-Score, and Mayer Multiple on-chain indicators, which are based on blockchain activities, miner flows, and moving averages, contradict the belief that Bitcoin’s price is excessively high.

The possibility of Puell Multiple entering a consolidation zone after the block reward halving and the fact that Z-Score indicates that the price has not yet risen excessively, as well as Mayer Multiple’s indication that there is room for further increase before Bitcoin reaches overbought levels according to the 200-day SMA in technical analysis, point to a positive outlook.

Currently, the data show that there is more upside potential on the table, challenging cognitive biases that could lead some investors to perceive that the price of Bitcoin has risen excessively. The upcoming block reward halving in April 2024 is now emerging as a significant factor to consider when evaluating Bitcoin’s future performance.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

You Might Also Like

Coinbase Embraces Innovative Strategy by Managing Bitcoin Holdings Differently

Arthur Hayes Predicts Bitcoin’s Meteoric Rise as Money Supply Soars

Steak ‘n Shake Embraces Bitcoin for Nationwide Payments

Bitcoin Gains Traction in Times of Economic Turmoil

Bitcoin Climbs Over Ichimoku: Will Other Cryptos Follow its Lead?

COINTURK NEWS 14 December, 2023 - 12:50 pm 14 December, 2023 - 12:50 pm
Share This Article
Facebook Twitter
Share
Previous Article Bonk Inu: Breaking Records with Coinbase and Solana Support
Next Article Whale Transactions Spark Speculation in the Crypto World Featuring XRP
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Stay Connected

8.1k Like
21.1k Follow
1.1k Follow

Latest News

Brazil Embraces Bitcoin: Belo Horizonte Leads the Digital Finance Charge
Bitcoin News
Gemini Conquers Europe with Strategic Derivative Offerings
Cryptocurrency Exchanges
Trump Cuts Ties with Lobby Firm Over Digital Asset Controversy
Cryptocurrency News
Lido Finance Empowers stETH Holders with New Governance Proposal
Cryptocurrency News
//

COINTURK was launched in March 2014 by a group of technology enthusiasts who believe that Bitcoin will be as important as the internet in the world of the future thanks to the amazing technology underlying it.

CRYPTOCURRENCY LIVE PRICES

  • Bitcoin (BTC) Live Price
  • Ethereum (ETH) Live Price
  • Ripple (XRP) Live Price
  • Solana (SOL) Live Price
  • Dogecoin (DOGE) Live Price
  • Cardano (ADA) Live Price
  • Chainlink (LINK) Live Price

OUR PARTNERS

  • COINMARKETCAP
  • COINGECKO
  • BITCOINHABER
  • BH NEWS
  • 21MILYON
  • NEWSLINKER

OUR COMPANY

  • About Us
  • Cookie Policy
  • Advertising
  • Contact
COINTURK NEWSCOINTURK NEWS
Follow US
© 2025 BLOCKCHAIN Information Technologies. >> COINTURK NEWS
Powered by LK SOFTWARE
Welcome Back!

Sign in to your account

Lost your password?