Many investors are currently seeing Bitcoin through a cycle lens, suggesting that the fourth quarter could mark the closure of the current market cycle. However, two key metrics point to the possibility that the upward market can be in its early stages.
Glassnode data show that the 200 -week mobile average (200WMA), which softens the price of Bitcoin in a long -term horizon and historically has only had an upward trend, has just violated $ 53,000.
Meanwhile, the price made, the average price at which all bitcoin in circulation moved for the last time, has just increased above 200 WMA to $ 54,000.
Looking back in the previous cycles, we see a consistent pattern. In the Alcista markets, the price made tends to remain above 200 WMA, while in the bearish markets, the opposite occurs.
For example, in the 2017 and 2021 Alcist markets, the price made constantly rose and extended its gap above 200 WMA, before collapsing below and pointing out the start of bears markets.
Although, during the recession of 2022, the price made fell below 200 WMA, it has only recently moved above it. Historically, once the price made remains above this long -term mobile average, Bitcoin has tended to push higher as the upward market progresses.
