Bitcoin may have started a new bull market after a 53% correction
Despite bitcoin’s recent correction, several technical and on-chain indicators point to a possible return of the bull market. BloFin Research even estimates that BTC has entered a new cycle, but this hypothesis still depends on several key support levels holding.
BloFin Research estimates that Bitcoin may have started a new bull market despite the recent correction.
BTC is holding above its 50-week moving average, a historically favorable signal for recoveries.
The MVRV ratio and several on-chain indicators confirm improving market dynamics.
Bitcoin’s latest bearish phase appears shorter and less severe than those of previous cycles.
Holding support between $74,000 and $78,800 remains essential to preserve the bullish outlook.
Bitcoin climbs back above its 50-week average
The main signal analyzed by BloFin comes from the 50-week moving average. This curve, which smooths out price fluctuations over almost a year, was around $78,800 when bitcoin crossed it in September.
BTC closed the week of September 20 at around $81,200, then the week of September 27 at close to $84,456. It subsequently rose above $86,000 in early October, before giving back some of its gains.
Holding above this level for several weeks strengthens the signal. In 2015, 2019, and 2023, a sustained recovery above the 50-week average accompanied the transition from a bearish phase to a new bull market.
Bitcoin is now trading at around $83,600. It therefore remains above this average despite the recent wave of selling and the liquidations seen in derivatives products.
$BTC
$BLOX.ETF
$ONDO
#BTC
Despite bitcoin’s recent correction, several technical and on-chain indicators point to a possible return of the bull market. BloFin Research even estimates that BTC has entered a new cycle, but this hypothesis still depends on several key support levels holding.
BloFin Research estimates that Bitcoin may have started a new bull market despite the recent correction.
BTC is holding above its 50-week moving average, a historically favorable signal for recoveries.
The MVRV ratio and several on-chain indicators confirm improving market dynamics.
Bitcoin’s latest bearish phase appears shorter and less severe than those of previous cycles.
Holding support between $74,000 and $78,800 remains essential to preserve the bullish outlook.
Bitcoin climbs back above its 50-week average
The main signal analyzed by BloFin comes from the 50-week moving average. This curve, which smooths out price fluctuations over almost a year, was around $78,800 when bitcoin crossed it in September.
BTC closed the week of September 20 at around $81,200, then the week of September 27 at close to $84,456. It subsequently rose above $86,000 in early October, before giving back some of its gains.
Holding above this level for several weeks strengthens the signal. In 2015, 2019, and 2023, a sustained recovery above the 50-week average accompanied the transition from a bearish phase to a new bull market.
Bitcoin is now trading at around $83,600. It therefore remains above this average despite the recent wave of selling and the liquidations seen in derivatives products.
$BTC
$BLOX.ETF
$ONDO
#BTC