CryptoQuant: Bull market confirmed!
BTC closed above its 365-day moving average for the first time since March 2023 (and this line has signaled every bull market since 2019).
I never stop being amazed at how this is even possible!
It was literally the same thing in 2022. Everyone was waiting for $12–10K while listening to Capo. Then, only a year later, in 2023, when Bitcoin was already around $30K, they started saying, “The bull market has finally begun.”
And now they’re doing the exact same thing again. They were waiting for $50–45K, Bitcoin reached $87K, and suddenly they come out and tell an audience of hundreds of thousands of people, “The bull market has begun.”
And the argument??? Drumroll, please… ONE MOVING AVERAGE LINE.
We have so many other tools for chart analysis, yet people are determining whether an asset should be bought based on a single moving average. Brilliant!
Could we have gone below $57K? Absolutely! But calling $57K the bottom and the beginning of the bull market — even from a probability perspective — makes more sense in terms of risk/reward than declaring the bottom and the start of the bull market at $87K, only after the fact. $BTC
BTC closed above its 365-day moving average for the first time since March 2023 (and this line has signaled every bull market since 2019).
I never stop being amazed at how this is even possible!
It was literally the same thing in 2022. Everyone was waiting for $12–10K while listening to Capo. Then, only a year later, in 2023, when Bitcoin was already around $30K, they started saying, “The bull market has finally begun.”
And now they’re doing the exact same thing again. They were waiting for $50–45K, Bitcoin reached $87K, and suddenly they come out and tell an audience of hundreds of thousands of people, “The bull market has begun.”
And the argument??? Drumroll, please… ONE MOVING AVERAGE LINE.
We have so many other tools for chart analysis, yet people are determining whether an asset should be bought based on a single moving average. Brilliant!
Could we have gone below $57K? Absolutely! But calling $57K the bottom and the beginning of the bull market — even from a probability perspective — makes more sense in terms of risk/reward than declaring the bottom and the start of the bull market at $87K, only after the fact. $BTC
