Bitcoin Surmounts Key Moving Average Threshold
Bitcoin closed its weekly candle above its 50-week simple moving average for the first time in this cycle, pushing through $86,000. This milestone has given analyst Sean Hagan roughly 80% confidence that a genuine crypto bull regime is underway.
Hagan notes that there have been only two prior instances where this indicator failed to signal a bull market: once in 2014 and again in 2020. A single additional weekly close above the 50-week average would confirm the flip, aligning with the roughly one-year window from all-time high to cycle bottom.
The timing of this development is significant, as Bitcoin's price has increased nearly 10% on the week. While some caution is always warranted in market predictions, Hagan's confidence in this indicator suggests a potential regime shift may be underway.