This Level Marked Bitcoin’s $3,000 Bottom. Now, It’s Marking the Local Top

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Bitcoin’s price seemingly moves without rhyme or rhythm. As a result, day-to-day, no one has been able to accurately predict the movements of the cryptocurrency, accentuated by the fact that some $1 billion+ worth of long positions (and short positions) were liquidated on BitMEX and other trading platforms during March 12th’s flash crash to $3,700. But despite this, data suggests that Bitcoin’s long-term trends are somewhat predictable. And one indicator, which has been historically accurate, suggests BTC’s rally is over for now. Bitcoin Likely At a Local Top In 2018, when Bitcoin fell to $3,150, analysts were certain the cryptocurrency was going to fall lower, with some proposing a price of $2,000 or even lower. Although that was the consensus at the time, in retrospect, it was clear the bottom is in because one indicator signaled as such. Namely, the average miner cash flow indicator, which predicts at which point…

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