Analysis: The Bitcoin bull market may not be over, the 200-week moving average trend shows bullish signals
According to PANews on February 14, data from TradingView shows that the 200-week simple moving average (SMA) for Bitcoin (BTC) is currently at $44,200. Although it has reached a historical high, it is still far below the peak of $69,000 in the 2021 bull market. Historical data shows that bull markets usually end when the 200-week average rises to the previous bull market's peak. For example, the 2021 bull market ended when the 200-week average reached its 2017 high of $19,000 and similarly, the 2017 bull market ended when this average hit its high point of $1200 in 2013.
The current BTC price fluctuates between $90k-$110k. If history repeats itself, this range could potentially break out with a bullish trend. In addition to this prediction supported by Deribit options market data; according to Amberdata statistics - call option prices for three months or longer are higher than put options reflecting an expectation for rising prices in these markets. The current market price stands at $96,700 with most popular being call options priced at a strike price of $120k which have an outstanding nominal value exceeding over one billion eight hundred million dollars.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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