What to know:
- BTC‘s 200-week SMA is still playing catch-up to the dizzying heights of the 2021 bull market. π
- Historical data suggests bull markets like to throw a party, peaking when the average price finally decides to join the fun. π
So, here we are, staring into the abyss of historical trends that hint at a bright future for bitcoin (BTC). Just when you thought inflation was going to rain on our parade, it seems like BTC has a few tricks left up its sleeve. πͺ
The 200-week simple moving average (SMA) of bitcoin’s price, which is like the wise old sage of the crypto world, currently sits at a respectable $44,200. This number, according to TradingView, is the highest it has ever been. But hold your horses! Itβs still a far cry from the previous bull market’s peak of $69,000 back in the glory days of November 2021. π΄
Now, why does this matter? Well, history has a funny way of repeating itself, especially when it comes to bull markets. They tend to wrap things up with the 200-week SMA finally catching up to the record prices of yesteryear. Itβs like waiting for your friend to finish their drink before you can leave the bar. π»
Take, for instance, the last bull market that wrapped up in late 2021, where the 200-week SMA climbed to $19,000, which was the peak of the 2017 bull market. And letβs not forget the 2017 extravaganza, which ended with the SMA rising to a jaw-dropping $1,200. Yes, you read that rightβ$1,200! What a time to be alive! π
If history is any guide, bitcoin’s current price range of $90,000 to $110,000 is likely to resolve in a bullish manner, setting the stage for the next big leap. Think of it as a spring coiling up, ready to launch you into the stratosphere. π
And if you need more convincing, letβs talk options. The pricing on Deribit is giving us a thumbs-up for a bullish outlook. According to Amberdata, options with expirations of three months or longer are showing that call options are more popular than put options. Itβs like everyone is betting on a sunny day at the beach, rather than a rainy one. βοΈ
Moreover, most of the open interest is hanging out in call options at strikes higher than BTC’s current market price of $96,700. The $120K strike is the belle of the ball, with a notional open interest of over $1.8 billion. Thatβs a lot of confidence for a digital currency that was once worth less than a cup of coffee! β
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2025-02-14 10:37