HOPIUM For Bitcoin (BTC) Bulls

Bitcoin's price momentum has stalled since June, remaining above $100,000 but mostly rangebound. This has raised concerns of a potential bear market among some analysts, who reference the traditional four-year Bitcoin cycle. However, a long-term indicator, the 200-week simple moving average (SMA), offers hope for the bulls. Currently at about $54,750, it is significantly below Bitcoin’s previous cycle peak of around $70,000. Historical patterns suggest previous bull markets tend to end when the 200-week SMA approaches the cycle peak, as seen in late 2017 and early 2022. Since it remains well below the 2021 peak, analysts argue that Bitcoin might still be in a bull market despite recent short-term weaknesses. Nonetheless, this pattern has only occurred twice in Bitcoin's brief history, during periods of low institutional participation, making firm conclusions challenging for investors reliant on extensive market data.

Source 🔗