The Mayer Multiple (MM) by Trace Mayer is showing that bitcoin price has already bottomed out signaling the end of the 15-month long bear market.

History Repeating Itself for Bitcoin?

In the chart above, the green circles represent the MM indicator moving above 1.0 signaling the establishment of a long-term bottom for bitcoin price 00.

Going by this information, it appears another indicator is showing that BTC may have already bottomed out, marking the end of a bear market, which started in December 2017.

Bitcoin already bottomed out

The MM indicator is a simple ratio of the price of Bitcoin to its 200-day moving average price. A low MM ratio is indicative of bear market periods. It suggests a trend reversal when the ratio reaches the 1.0 boundary point.

Historical patterns are usually an important aspect of deducing future BTC price action. In previous cycles, the MM moving above 1.0 marked the end of a Bitcoin market. This was followed by a period of consolidation leding up to the next bull-run.

Click to continue reading on its source location…