Is it possible that Bitcoin will never drop below $47,000 again? It sounds crazy, but those who understand charts have already started to quietly place their bets.
To the point: The 200 WMA just broke through $47,000, what does this mean? This indicator called the '200-week moving average (200 WMA)' is well known among seasoned players in the crypto space; it's like Bitcoin's 'lifeline,' something that can't be ignored in the long term.
Historically, Bitcoin has only dropped below it twice—once during the 2020 black swan event and once during the 2022 market 'collapse after collapse.' Other than that? It's been as stable as an old dog.
And now, this line has risen and broken through $47,000!
Adam Back posted a chart, which contains signals. Satoshi's 'old comrade' Adam Back recently shared a chart that left many in the community dumbfounded. The chart shows:
Bitcoin has been slowly climbing for the entire past year, and the 200 WMA line is also arching upwards, making a long-term bullish trend no longer just a fantasy.
The key point is: a rising WMA means increased confidence among long-term investors. This is not just short-term emotional fluctuations; it’s a solid foundation built by technical analysis and fundamentals.
Does this mean Bitcoin won't drop again? Saying it won't retrace is misleading. But saying 'it's very likely that below $47,000 could become a historical bottom'? That's not impossible.
The more people believe this is the bottom, the more bottom-fishers there will be, making it harder to break below.
The longer it stays above this level, the more the psychological price level is 'redefined' by the market.
This is not an illusion; it's a 'consensus price' reached through the battles between the helm and some fish.
What to do now? Should you chase or wait? Are you going to wait until it drops back to $30,000 before you dare to enter, or are you going to set a strategy now to gradually accumulate?
Don't forget, a bull market is never suddenly triggered on a specific day; it’s a process of slowly raising support levels and gradually heating up emotions.
$47,000 might just be the starting point of the next bull market.
What do you think: do you believe this round of Bitcoin has really stabilized? Or do you think there’s still a big retracement opportunity? Let's open the comments.
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