RATE Group | Odds of Bitcoin Price Hitting $3K ‘Getting Less Favorable,’ Says Trace Mayer
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Odds of Bitcoin Price Hitting $3K ‘Getting Less Favorable,’ Says Trace Mayer

17 Sep Odds of Bitcoin Price Hitting $3K ‘Getting Less Favorable,’ Says Trace Mayer

Posted at 16:32h in Bitcoin News by

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Bitcoin price could continue dropping for up to another nine months and hit $3000, cryptocurrency investor and media personality Trace Mayer forecast September 16.

Bitcoin $3k Chances ‘Less Probable’

In a tweet linking to his so-called ‘Mayer Multiple’ price analysis tool, the entrepreneur said that while a $3000 price tag for Bitcoin would be “hopeful,” the odds of it happening were now decreasing.

The Mayer Multiple divides the price of Bitcoin 00 on any given day by the 200-day moving average, the result of which offers insight into whether to buy, sell or HODL bitcoin.

A reading below 0.9 suggests a “strong buy,” the price being “very undervalued.” On September 17, the Multiple was 0.85.

“Perhaps (the Bitcoin) crypto-winter will last 6-9 months longer (hopefully!), touching $3k, but probabilities are getting less favorable of that possibility,” Mayer commented on Twitter.

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