When Bitcoin traders make mortgage payments using a debit card, they can earn cashback in Bitcoin and view this as a cheat code in life. However, it is important to check the charts for a price peak.
The price of bitcoin recently surpassed $ 24,000 and after reaching its peak, the asset is currently traded at over $ 22,800. When you check out the less popular metric, the double timeline, it’s interesting to see price peaks that coincide with double time.
What Does the Price Doubling Chart Say?
According to Case4bitcoins’ price doubling timeline, December 2017 to January 2018, mid-2019 price peaks and current price peak correspond to double-time lows.
Finally, regarding the double time, we can say that it reached the 58-day local low and to put that in perspective, reaching 12 in a few days from the 2017 peak. At the same time, it fell below 100 overall that year. Hitting 58 states that when the price of Bitcoin exceeds 24 thousand dollars, it is not the lowest point, it corresponds to 58 days in double passes. At a lower point, it also shows that the expectation from the bitcoin price is higher. This relationship can be explained by the increase in demand that becomes almost exponential around Bitcoin’s market cycle and price peak.
In the next stage of the cycle this indicates a drop in demand, a correction as double time increases. Therefore, it is obvious that the peaks coincide with short doubling times. There is no clear evidence that short doubling times indicate Bitcoin peaks. However, this metric can be used on Bitcoin options on the CME, the largest Bitcoin futures market, in conjunction with Ol and the trade volume on spot exchanges.
Retail traders are likely to expect more price discovery until a price hike and a new ATH hit. However, there is also a possibility of a decrease in price due to a $ 1.3 Billion liquidation of the CME.