Bitcoin Bull Market Is Far From Over, Suggests Historical BTC Trend Tied to 200-Week Average

Historical trends tied to a cardinal indicator suggest that bitcoin (BTC) has plentifulness of upside near arsenic renewed ostentation successful the U.S. threatens to situation the existent uptrend.

The 200-week elemental moving mean (SMA) of bitcoin's price, which smooths retired short-term marketplace fluctuations to supply a clearer representation of the wide trend, stood astatine $44,200 astatine the clip of writing, according to TradingView.

Although this mean is astatine its highest constituent ever, it is inactive importantly beneath the erstwhile bull market's highest of $69,000 successful November 2021.

That whitethorn beryllium an important constituent due to the fact that past information amusement bull markets extremity with the 200-week SMA rising to the grounds prices established successful the preceding bull run.

For instance, the erstwhile bull marketplace ended successful precocious 2021 with the 200-week SMA rising to $19,000, the 2017 bull marketplace peak. Similarly, the bull marketplace of 2017 ended successful December of that year, with the 200-week SMA rising to the grounds terms of implicit $1,200 acceptable 4 years ago.

If past trends clasp true, bitcoin's existent scope betwixt $90,000 and $110,000 volition apt resoluteness bullishly, paving the mode for the adjacent upward movement.

The pricing of options connected Deribit supports the bullish outlook offered by the 200-week SMA. For example, according to information root Amberdata, options with expirations of 3 months oregon longer amusement that telephone options are much costly than enactment options, indicating a marketplace anticipation of rising prices.

Further, astir unfastened involvement is concentrated in telephone options astatine strikes higher than BTC's going marketplace terms of $96,700. As of writing, telephone enactment astatine the $120K onslaught was the astir popular, boasting a notional unfastened involvement of implicit $1.8 billion, reflecting bullish expectations. Open involvement refers to the fig of contracts progressive oregon unfastened astatine a fixed time.