Bitcoin's 200-day SMA Close to Recent High: Bull Market on the Horizon?

IconCrypto News Terminal23 Apr, 2024

cryptonews.jpg

Bitcoin's 200-day SMA Close to Recent High: Bull Market on the Horizon?

Bitcoin’s 200-day simple moving average (SMA) is nearing its recent high, a development that has historically preceded bull markets. As of May 23, the 200-day SMA stood at $47,909, just shy of its recent peak of $49,452. According to Coindesk, when the 200-day SMA has crossed above its previous high, significant price increases have followed. In November 2020, six months after the third halving, the 200-day SMA surpassed $10,320, triggering a 4.5-fold increase in Bitcoin’s price by April 2021. Similar surges were observed during the first and second halvings. If the 200-day SMA breaks through its current high, it could signal the start of another bull market for Bitcoin. However, it’s important to note that past performance does not guarantee future results, and market conditions can change rapidly. Previously on April 23, 2024 - Cryptocurrency media outlet Coindesk reported, "Bitcoin's 200-day simple moving average (SMA) is nearing its recent high, a development that has historically preceded bull markets."

Related News