- Bitcoin’s 200-day average is on track to challenge its previous peak of $49,452 from February 2022.
- Past data show the most intense phase of the bull cycle unfolds after this average surpasses its previous peak.
Currently, the average serves as an important indicator of long-term trends and is rapidly increasing, signaling robust bullish energy. It’s projected to surpass its previous high of $49,452 from February 2022, with bitcoin currently priced at $66,200 and the 200-day average sitting at $47,909.
Traders should find it significant that historical trends indicate the strongest stage of a bull market occurs once the average surpasses its former peak to reach new all-time highs.
Around the beginning of November 2020, six months after the last halving event, the moving average of bitcoin’s price over the previous 200 days reached its peak at approximately $10,320. By mid-April 2021, the value of bitcoin had increased by a factor of nearly five, reaching around $63,800.
In just 12 months following the average reaching an all-time high in December 2016, or roughly five months post the second halving event, cryptocurrency experienced a breathtaking increase of over 2000%. A comparable surge occurred when the average reached another peak in November 2012, coinciding with the first halving.
As always, past data is no guarantee of future results.
Many experts believe that as government debt grows, it may lead the Federal Reserve (Fed) to lower interest rates quickly in response, which could help keep stocks and cryptocurrencies rising.
In the short term, however, prices may drop due to profit-taking and volatility in bond markets.
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2024-04-23 14:31