As the Bitcoin indicator approaches the buying zone, AMC’s “memetic stocks” frenzy may spread to the cryptocurrency space

Bitcoin (Bitcoin) Is slowly but surely preparing to flash “buy”, which is a key indicator, as the trading frenzy has rekindled the memory of GameStop’s collapse.

In the latest report on June 3, Stack Funds emphasized the Puell multiple close to the green “buy” area-this is a signal to enter the market.

Decline several times to the level before 2021

Puell Multiple is one of them most famous BTC price tool. Its reading judges the possibility of selling or rising based on the profitability of miners. At present, unless absolutely necessary, it is almost meaningless for miners to sell.

Lennard Neo, head of research at Stack, explained: “The indicator is now trading at the 1.40 level, which is closer to the green zone, where miners have less incentive to sell. If it drops below 1.0 multiple times, it means a potential buying opportunity.”

“That said, we are more willing to be cautiously optimistic, because there may be a further downward trend, which in turn creates better value for anyone looking for an entry point.”

Bitcoin pull multiples and BTC/USD. Source: CryptoQuant

As Cointelegraph ReportIt is not just Stack that thinks the possibility of further price drops is worth considering. Traders are also paying attention to the retracement. At least some people say that it is almost certain that the BTC/USD will only rise further after it returns to 36,000 US dollars.

Neo further pointed out several other indicators. Although they are not named, these indicators indicate that this week will continue to be bullish. These indicators cover the short- to medium-term range.

Release the emoji pack?

At the same time, retail traders may return to volatility this week.

In a scene reminiscent of GameStop stock trading Cheating Starting in the first quarter of this year, Reddit users turned their attention to the stock of another underperforming company and raised its price accordingly.

AMC Entertainment ($AMC) 1 day candlestick chart (Cboe). Source: TradingView

AMC Entertainment is a loss-making U.S. theater chain with huge profits — up more than 1,000% so far this year — and Apply for sale 11 million shares.

If history repeats itself, investors may re-accept altcoins—especially memetic tokens to supplement the phenomenon of “memetic stocks”—and some people believe that.

However, most major cryptocurrencies were flat that day, Dogecoin (dog), the meme star for most of 2021, dropped by about 1.5%.