Call us scared, but a key indicator is showing that Bitcoin (BTC) could soon see a massive correction in the coming future. And by coming future, that means the next few days and weeks.
In a recent TradingView post, an analyst going by “Crypt0Bro” revealed that the Money Flow Index (MFI), a well-known way to determine trends, is clearly showing that Bitcoin is overbought. So much so that the reading on BTC’s one-week chart has reached 95, which is nearing the maximum of 100. The only other times that the cryptocurrency has seen such a reading was in mid-2012, early-2013, and late-2013 — which was when BTC was trading decidedly in the double and triple digit range.