Posted 12/27/2023, 7:00:00 AM
Bitcoin Overbought Signals Spark Correction Fears
- Puell Multiple indicator suggests Bitcoin is overbought and a price correction may be imminent
- Indicator has signaled significant Bitcoin price reversals in previous market cycles (2012, 2016, 2019)
- Korean "kimchi premium" is also at high levels, suggesting the market is overheated
- Some analysts predict peak of bull market in 2024, with 2025 entering a bear market
- Bitcoin is currently trading around $42,400, down 1% on the day