'HOPIUM' For Bitcoin (BTC) Bulls
The 200-week simple moving average suggests Bitcoin's bull market may not be over despite recent price stagnation above $100,000.Summary
Despite Bitcoin's recent loss of momentum and rangebound trading above $100,000 since June, a long-term indicator is providing 'hopium' for bulls. This indicator is the 200-week simple moving average (SMA), currently near $54,750, which remains significantly below the 2021 cycle peak of around $70,000. Historically, previous bull markets only ended when the 200-week SMA approached or challenged the prior cycle's peak price, which occurred in late 2017 and late 2021-early 2022. Since the SMA has not yet reached that level, historical patterns suggest Bitcoin could still be in its broader bull market phase. However, the article cautions that this pattern has only occurred twice in Bitcoin's history during periods of very low institutional participation, making firm conclusions limited compared to markets with decades of data.
(Source：CoinDesk)