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Bitcoin chart signals possible move to $68K ‘extremely quickly’ — Traders

Bitcoin traders are eyeing $68,000 if it can stay above $64,000, a level it has struggled to hold above after 20 days below.

Crypto traders are spotting a pattern forming on Bitcoin’s price chart that may possibly lead to its price moving closer toward reclaiming its 2021 all-time highs.

In an Aug. 24 analysis video, pseudonymous crypto trader Mister Crypto pointed to the Bitcoin (BTC) price chart and explained that when Bitcoin breaks above the $64,000 level, it is “very likely” to return toward the $68,000 level, which it hasn’t reached since July 30.

Bitcoin price chart. Source: Mister Crypto

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$500M WBTC Burned in the Wake of Coinbase’s Delisting Move

Bitcoin possibly undervalued as Mayer Multiple hits lowest level since FTX collapse

The popular Bitcoin valuation metric hasn’t been at this level since November 2022, when cryptocurrency exchange FTX went down.

A widely used Bitcoin valuation indicator is flashing red, signaling that Bitcoin hasn’t been this undervalued since the collapse of the cryptocurrency exchange FTX at the end of 2022.

“If you believe the Bitcoin price will be higher in 6-12 months, then this is objectively a fantastic time to buy,” crypto education resource On-Chain College wrote in an Aug. 7 X post, referring to the Bitcoin (BTC) Mayer Multiple chart.

The indicator compares Bitcoin’s current price to its 200-day moving average, and the resulting ratio is used as a buy or sell signal. Its creator, Trace Mayer, considers a reading below 2.4 to be “buy” territory.

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$500M WBTC Burned in the Wake of Coinbase’s Delisting Move