Bitcoin Nearing $70,000, Potential ATH in Coming Weeks

Bitcoin is trading at $66,700, with no significant fluctuations after the 4th Halving event on April 20. Since October, Bitcoin has broken above the 200-day simple moving average (SMA) and entered a bullish phase, the latest peak reached above $73,500 last month.

The 200-day SMA is often seen as an important indicator of long-term trends, and the fact that it is currently rising sharply indicates that Bitcoin is in a strong bullish phase. Notably, the indicator is showing signs of surpassing its previous peak of $49,452, set in February 2022, and is currently stable at $47,909 while Bitcoin is trading at $66,200.

In the past, data shows that Bitcoin’s strongest bullish periods typically take place after the 200-day SMA surpasses the previous high. For example, in early November 2020, six months after the third Halving, the 200-day SMA rose above $10,320. By mid-April 2021, Bitcoin had surged to $63,800, 4.5 times where the 200-day SMA started rising.

expecting fresh #btc ath within the next 1-2 weeks.

from a macro standpoint i think were currently in a wave 5 of a larger w3 with a few legs higher still to come.

ultimately expecting us to top out around 120k this cycle. pic.twitter.com/rX11SEUPf0

— Bluntz (@Bluntz_Capital) April 22, 2024

Looking further back, in December 2016, about five months after the second Halving, the 200-day SMA hit a new high, before Bitcoin saw a sharp rally to over $19,000 within a year, similar to the one after the Halving. first in November 2012, at the same time the average reached a new peak.

While the past cannot guarantee future results, some elements of this cycle appear to be repeating themselves. For example, Bitcoin’s bear market peaked in November 2022, followed by a bull run, consistent with the historical pattern of bottoming 15 months before the new halving cycle spurs a bull run.

Related: Bitcoin Hits $67,000 as BlackRock Grows for 70 Consecutive Days

According to the report, a cryptocurrency analyst known for his ability to accurately predict the bottom of the cryptocurrency market during the 2018 bear market recently revealed that he believes Bitcoin will reach a new all-time high “within the next 1-2 weeks”.

The analyst said he expects Bitcoin prices to peak around $120,000 this cycle, after seeing it in the fifth wave of a larger trend. However, not everyone is so optimistic, with a new report from Fidelity Digital Assets suggesting Bitcoin is no longer “cheap” and is instead considered trading at a “reasonable” price.