Key indicator shows it's time to accumulate Bitcoin, but the bottom is far ahead

Despite the high levels of volatility seen yesterday, Bitcoin stabilized around $7,200.

Now, a renowned technical analyst suggests that it is a good time to be "Stacking sats" while another estimates a further correction.

In a recent tweet, Ecoinometrics points out that Bitcoin is trading at a "Cheap" price relative to its long-term trend.

Based on the Mayer Multiple, a ratio of the price of BTC to its 200-day moving average, the analyst believes that under the current price levels the pioneer cryptocurrency presents a good opportunity for investors to buy.

At the moment, the Mayer Multiple sits at 0.78x. A low value, such as the current one, is indicative of fair prices while a high value implies that Bitcoin is relatively expensive.

Lower lows ahead. Regardless of the low value given by the Mayer Multiple, CryptoKea, a crypto investor and technical strategist, maintains that it is far from presenting a good buy opportunity.

After spending more than 40 days below the 200-day moving average, BTC could be pushing for lower lows.

CryptoKea affirms that Bitcoin is trading within the bearish channel of the Mayer Multiple, which is between 1.1x and 0.55x. He considers this area to be the "First stop."

"If we take a look at how much higher the lows came in each bear cycles, conservatively, the 4th one could come in 15 percent higher than 0.51x which would lead to a low of $5,500."

Although Bitcoin appears to have entered an accumulation zone, CryptoKea is not the only prominent analyst in the industry who is expecting lower lows.