Trace Mayer, an early cryptocurrency advocate, said in a tweet that he believes the price of bitcoin will reach $27,395 by February based on the rise of the 200-day moving average.
— Trace Mayer (@TraceMayer) October 9, 2017
Mayer recommended that his blog following invest into bitcoin when the cryptocurrency was at $0.25.
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In addition, Mayer has invested in Kraken, BitPay, and Armory.
Mayer defines himself as:
“An entrepreneur, investor, journalist, monetary scientist and ardent defender of the freedom of speech. Trace Mayer holds degrees in accounting and law. He studied Austrian economics focusing on Murray Rothbard and Ludwig von Mises.”
Investopedia defines a moving average as:
“A simple technical analysis tool that smooths out price data by creating a constantly updated average price…A moving average can help cut down the amount of ‘noise’ on a price chart…or act as support or resistance.”
The average Mayer cites is the regular price of bitcoin over the last 200 days.
Mayer’s prediction is that prices will continue to rise and that bitcoin remains above the level of the previous 200 days.