Bitcоin

Bitcoin Closes Second Consecutive Weekly Candle Above 200-Week Moving Average (MA), Is The Bottom In?

We may be at the bottom.

In a tweet today, Bitcoin analyst Ali Martinez highlighted that Bitcoin printed the second weekly candle above the 200 weekly moving average, noting that the 200 weekly moving average has served as an indicator of the end of bear markets since 2014.

“Bitcoin printed a second consecutive weekly candlestick close above the 200-week MA. This week, BTC needs to remain trading above $23,000 to keep this crucial level as support. Notice that all previous BTC bear markets since 2014 ended around the 200-week MA,” Martinez tweeted.

#Bitcoin printed a second consecutive weekly candlestick close above the 200-week MA. This week, $BTC needs to remain trading above $23,000 to keep this crucial level as support.

Notice that all previous #BTC bear markets since 2014 ended around the 200-week MA. 👀 pic.twitter.com/sw86lmDBu7

— Ali Martinez (@ali_charts) August 9, 2022

It is worth noting that the question of when the bear market would end has continued to persist as crypto enthusiasts long for the days of mouth-watering returns and fanfare in the crypto market. However, while several analysts are unsure about the beginning of the next bull run, many are beginning to converge on their thoughts on when we are likely to reach the price bottom.

As previously reported by The Crypto Basic, Rekt Capital predicts that the current bear market will end in Q4 2022. Notably, his analysis aligns with those from Glassnode Insights, which estimates that the current bear market has just a couple of months left.

Meanwhile, in a tweet today, experienced price analyst Justin Bennett reveals that there might be a short-term price pump in the cards for Bitcoin. According to Bennett, Bitcoin just turned the $23,450 price point to support, noting that the last time Bitcoin reclaimed this level a year ago, it surged by 26%.

$BTC with a potentially significant close on Monday. $23,450 just flipped to support.#Bitcoin rallied 26% the last time it reclaimed this level in 2021.

Inflation data on Wednesday and Thursday, so expect volatility. https://t.co/ITOgUZNyx7 pic.twitter.com/q0bMUypUYR

— Justin Bennett (@JustinBennettFX) August 9, 2022

It is worth noting that the crypto markets had their best month this year in July, with Bitcoin rallying by about 18%. Bitcoin accumulation remains on the rise, even as volume on exchanges continues to decline.

Bitcoin is trading at the $23,700 price point, down 1.71% in the last 24 hours but up 4.3% over the previous seven days.

   

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