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This indicator suggests Bitcoin just survived the ‘worst bear market ever’

This indicator suggests Bitcoin just survived the ‘worst bear market ever’

Although Bitcoin (BTC) is still trading in a largely sideways trend, indicators suggest that the flagship decentralized finance (DeFi) asset has just got out of a lengthy bear market and has embarked on a bullish journey that might see it massively growing its price.

In fact, Bitcoin’s 200-week moving average (200WMA) suggests that the recent bear market was the worst in history for the maiden cryptocurrency, as observed in a chart pattern analysis by the crypto market expert PlanB also known as 100trillionUSD, and shared on July 12.

Bitcoin 200-week moving average. Source: PlanB

At the same time, Bitcoin’s relative strength indicator (RSI) has emerged from the zero line on the two-week chart, indicating the start of a bull market, as it imitated the trend from 2016, according to a tweet shared by pseudonymous crypto analyst Trader Tardigrade.

On top of that, trends indicate that Bitcoin is preparing for a possible all-time high (ATH), as it has historically demonstrated the start of a bull run in the 22 months before the United States presidential election and has recently entered the pre-run phase, the crypto trading expert explained.

Bitcoin price analysis

Meanwhile, Bitcoin was at press time trading at the price of $30,594, indicating a loss of 0.24% in the last 24 hours and declining 1.77% across the previous seven days while still hanging onto the 16.98% gain from its monthly chart.

Bitcoin 30-day price chart. Source: Finbold

Notably, in addition to the above trends, Bitcoin’s recovery and a potential new ATH could factor in the US Securities and Exchange Commission (SEC) possibly approving the first-ever spot Bitcoin exchange-traded fund (ETF) amid a surge of applications and re-applications pioneered by the world’s largest asset manager BlackRock (NYSE: BLK).

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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