Bitcoin's Path Hinges on Reclaiming Key SMA Threshold

Bitcoin's recent surge above $80,000 has left investors wondering if the bear market is finally over. According to Galaxy Research, a move above the 50-week simple moving average (SMA) could be the key signal that confirms the end of the prolonged downturn.

The 50-week SMA currently sits near $81,087, and in 11 out of 13 past bear markets, Bitcoin had already reached its cycle bottom by the time it closed above this level on a weekly basis. This suggests that reclaiming this threshold could be a strong indicator of a trend reversal.

However, not everyone is convinced that the cycle bottom has been reached just yet. Dan Tapiero of 50T Fund argues that the breadth of daily moving average reclaims already points to the cycle bottom being in place.