Bitcoin may be entering a prolonged bearish phase, as it has closed below its 100-week moving average for three consecutive weeks, according to analysis by Coin Bureau founder Nic Puckrin. This technical indicator, which smooths out short-term volatility, suggests weakening long-term bullish momentum. Historically, Bitcoin has spent an average of 267 days below this trendline during past bear markets, raising concerns about a potential extended downturn.
Puckrin's analysis highlights that while short-term recoveries are possible, the historical data points to a more likely extended period of price consolidation or decline. The 100-week moving average breach reflects changing investor sentiment and potential shifts in market structure. Analysts are now considering broader economic factors, such as macroeconomic conditions, institutional adoption, and regulatory developments, to assess whether current market conditions will follow historical patterns or diverge due to the maturation of the cryptocurrency market.
Bitcoin Faces Potential Extended Bear Market as Key Technical Indicator Flashes Warning
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