Bitcoin (BTC) has been moving between $90,000-100,000 for a while now. In the face of this situation, questions such as whether the bull market is over or will the rise continue? are increasing, while one analyst stated that the rise will continue.
Bitcoin Still Bullish, Consolidation Will Result in Rise!
Market analyst Omkar Godbole said that the ongoing consolidation between $90,000 and $110,000 in Bitcoin is likely to result in an uptrend.
Stating that he reached this conclusion from historical data, the analyst used the 200-week simple moving average (SMA).
Noting that at this point, BTC’s 200-week SMA remains well below the ATH in the 2021 bull market, the analyst said that the SMA indicator shows that Bitcoin still has a lot of upside potential.
Noting that BTC’s 200-week SMA is around $44,200, the analyst said that the current bull run will not end before the SMA reaches the ATH recorded in the previous bull cycle:
“Although the 200-week SMA is at its highest point ever, it is still significantly below the previous bull market peak of $69,000 in November 2021.
This could be an important point because historical data shows that bull markets end when the 200-week SMA rises above the record prices set in the previous bull run.”
Citing previous data as an example, the analyst said, “the previous bull market ended in late 2021 with the 200-week SMA rising to the 2017 bull market peak of $19,000.”
According to this example and the historical trend the analyst is basing it on, the current bull cycle will not end until Bitcoin’s 200-week SMA reaches its 2021 cycle peak of $69,000. This means that Bitcoin is still in the bull phase and still has much more upside to go.
“If history repeats itself, Bitcoin’s current consolidation between $90,000 and $110,000 is likely to end in a bullish move, paving the way for the next rally, as historical trends suggest that BTC has significant upside potential.”
*This is not investment advice.
