Bitcoin (BTC) is gearing up for its next bull run in classic style, according to traders who are eyeing two key trend lines.
In recent social media analysis, popular traders Moustache and Titan of Crypto revealed a BTC price breakout in the making.
Bitcoin “bull market line” eyes classic crossover
Bitcoin is closely following previous BTC price cycles, and the time is almost right for a bullish surge, according to Titan of Crypto.
He uploaded historical BTC/USD price data and drew attention to the 21-week simple moving average (SMA), which is currently at $27,900 per Cointelegraph Markets Pro and TradingView.
Once this upward-sloping trend line clears the immediate spot price range, a protracted period of upside follows, giving the 21-week SMA its nickname — the “bull market line.”
Titan of Crypto called the phenomenon a “bull market kick off.”
“Once the weekly 21 MA crosses over BTC market structure it will kick off the Bull Market,” he forecast.
“Be ready, it’s getting closer.”
Bitcoin’s last such MA cross occurred four years ago in early 2019 — the same juncture as today’s price action during the previous cycle. This led to that year’s local high near $14,000.
March 2020 saw a brief undoing of the cross thanks to the COVID-19 cross-market crash, something Titan of Crypto calls a “black swan.”
Bitcoin trader: “Imagine being bearish” above $28,600
Another trend line on the radar concerns longer timeframes — the 20-month SMA.
Moustache notes that this has heralded every previous Bitcoin bull market — a monthly candle close above the 20-month SMA has seen every subsequent candle also close above it until the cycle high. Here again, March 2020 forms a fleeting exception to the rule.
“Imagine being bearish, while $BTC holds above the monthly 20 SMA-line,” Moustache commented.
“Once Bitcoin has closed above it, it has NEVER AGAIN fallen below it, until the cycle top. This is exactly how it was in 2016-2018 and 2019-2021.”
The 20-month SMA currently sits at $28,585.
As Cointelegraph reported, downside support remains tied to the 200-week SMA, along with various other daily and weekly trend lines functioning as a line in the sand during Bitcoin’s recent bear market.
Analysts weigh in on Bitcoin’s potential bull run
Other analysts have also weighed in on the potential for a Bitcoin bull run in the near future.
In a recent interview with Cointelegraph, Michaël van de Poppe, a popular cryptocurrency trader and analyst, said that he believes Bitcoin is “in a good spot” to start a new bull run.
“I think we’re in a good spot to start a new bull market,” he said. “We’re seeing a lot of bullish signs, and I think we’re going to see a lot of upside in the coming months.”
Van de Poppe also noted that the 21-week SMA is a key level to watch for Bitcoin.
“If we can break above the 21-week SMA, I think we’re going to see a lot of upside,” he said. “But if we fail to break above it, then we could see some more downside.”
Conclusion
The analysis by Moustache, Titan of Crypto, and van de Poppe suggests that Bitcoin is in a strong position to stage a bull run in the near future. However, it is important to note that the cryptocurrency market is highly volatile, and it is always possible for prices to move against expectations.
Investors should carefully consider their risk tolerance before making any investment decisions.
Here are some additional factors that could influence Bitcoin’s price in the near future:
**It is impossible to say for certain what will happen to Bitcoin’s price in the future. However, the analysis by Moustache, Titan of Crypto, and van de Poppe suggests that there are some positive signs
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