Alex Thorn says Bitcoin's bear-market bottom is likely in: it has reclaimed the 50-week average, a signal that has marked the end of every past bear market "The 200-week moving…
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Alex Thorn says Bitcoin's bear-market bottom is likely in: it has reclaimed the 50-week average, a signal that has marked the end of every past bear market "The 200-week moving average has been the l…
Alex Thorn says Bitcoin's bear-market bottom is likely in: it has reclaimed the 50-week average, a signal that has marked the end of every past bear market "The 200-week moving average has been the long term floor of bear markets. If you look at the historical price action and overlay the 50-week and the 200-week, the 200-week has set the floor and the 50-week has been the ceiling of bear markets." "Really only with one major deviation, which was after FTX where we traded below the 200-week meaningfully for several weeks. Even then when you look at it, you say, yeah, that mostly was the floor." "That 50-week ceiling above it, which right now is about 75,000 for Bitcoin, has also signaled a bull market. Bull markets typically have had the 50-week as its floor." "If you look back at all the times that Bitcoin was in a bear market, and when it then retook the 50-week ceiling and turned it into support, multiple weekly closes above the 50, 100% of the time basically meant that there was no further lower bottom to come in the bear market." "The dataset is three or four bear markets. Some people have said, it's such a small dataset. Well, I'm sorry. I'm using the entire history of Bitcoin price. Am I supposed to not use it? But if history is any guide at all, then the bear market bottom is in."
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