The post Is the Bitcoin Bull Run Over or Just Getting Started? appeared first on Coinpedia Fintech News
Bitcoin has been making people nervous lately. With price swings and multiple failed attempts to push past $112,000, many are wondering, is the bull run over? Are we entering another bear market?
But, according to experienced crypto trader Mags, analysis suggests that Bitcoin may be preparing for another major rally.
Bitcoin’s 50-WMA Hints at $130K Level
In a recent tweet, Mags pointed out that Bitcoin’s 50-week moving average (50 WMA) has long acted as a strong support level. Whenever Bitcoin touched this line before, it often bounced back and moved higher.
Mags’ chart highlights several historical “BUY” signals when Bitcoin touched the 50 WMA and later surged higher. The only “SELL” signal occurred back in early 2022, when BTC failed to hold above the moving average. Since then, the 50 WMA has continued to act as a strong support line.
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