Bitcoin Breaks MA50 Weekly: Bull Market Phase Ahead?
Bitcoin has broken above its 50-week moving average, according to Doctor Profit. This move is similar to what happened in 2022-2023, when BTC faced several rejections around the MA50 Weekly before eventually clearing it. In fact, Bitcoin broke below the MA50 Weekly and then reclaimed it seven times during that period.
The current market structure is repeating itself, with a recent bear trap adding to the similarity. Doctor Profit noted that five instances of reclaiming the MA50 Weekly were followed by bull markets, while two became false signals in 2011 and 2020. He believes that the current move will lead to further gains.
The analyst has identified $88,000 as the next target once the remaining resistance levels are cleared. Another commentator, Crypto Patel, has also pointed out a historical cycle, with a 364-day gap between the crypto asset's peak and bottom in 2017-2018, 2021-2022, and potentially 2025-2026.