Bitcoin Value Indicator Says Price ‘Still Overbought’ But Bottom ‘Near’

The Bitcoin price bottom is “near,” but the largest cryptocurrency still shows signs of being “overbought,” new research released October 1 claims.

Understanding ‘What’s Going On’

In the latest installment of his ‘Bitcoin Value Indicator,’ tech commentator Hans Hauge brought together multiple factors to create an overview of the Bitcoin price which he says allows investors to “understand what’s going on.”

Hauge notes that increasingly strong technical fundamentals are contrasting with continuing price deflation, suggesting a price bottom will soon appear.

The number of unique addresses using the network, hash rate, and total transaction numbers are all up on previous readings — while prices remain down — he summarizes.

“Bitcoin is probably still overpriced, but the fundamentals are steadily improving while the average price of Bitcoin has continued to fall,” he wrote concluding the findings.

“Make sure you’re ready to make your move when the…