The crypto world is entering a new era, as indicated by developments such as Bitcoin’s 200-week moving average (MA) crossing the $40,000 mark for the first time, as highlighted by Blockstream CEO Adam Back. This milestone could mark a significant turning point for Bitcoin’s (BTC) long-term price dynamics. Currently trading at $68,352, Bitcoin is sparking new excitement in the market.
The 200-Week Moving Average as Bitcoin’s Price Floor
The 200-week moving average is seen as a critical support level for Bitcoin. Historically, Bitcoin’s price has rarely stayed below this level for long. Even during severe corrections, it has managed to recover from this support. This suggests that, despite Bitcoin’s notorious volatility, the 200 MA serves as a reliable floor. In past events, Bitcoin briefly dropped below this level, but such occurrences are often tied to major market crashes.
#bitcoin 200wma crossed $40k today. pic.twitter.com/yXcXo1mGmW
— Adam Back (@adam3us) October 19, 2024
For instance, during the infamous “Black Thursday” in March 2020, Bitcoin’s price plummeted 50%, dipping below this key average. However, outside of such rare “black swan” events, Bitcoin bulls have successfully defended this critical level. Given this history, the likelihood of Bitcoin falling below $40,000 again seems low, positioning this level as a strong support for long-term investors.
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Key Resistance for the Bulls: $71,200
According to prominent technical analyst Josh Olszewicz, the key resistance level for Bitcoin bulls is currently set at $71,200. Based on Bollinger Bands, this level represents an important barrier that, if broken, could signal the start of a new bull run. Recently, Bitcoin briefly reclaimed the $69,000 level, but whether this rally will hold remains uncertain. With market volatility still high, investors are closely monitoring this level for signs of a sustained breakout.
1W $BTC
$71.2k is upper bband resistance
a weekly price close above that level strongly suggestions resumption of bullish trend pic.twitter.com/lywW2Mu9UO
— #333kByJuly2025 (@CarpeNoctom) October 19, 2024
Predictions for Bitcoin’s Future Movements
Investors and analysts are making various predictions about Bitcoin’s future price movements. On the Polymarket platform, bettors believe there is a 70% chance that Bitcoin will reach $70,000 by the end of October. Additionally, there is a 73% chance that Bitcoin will hit a new all-time high in 2024. These forecasts suggest that Bitcoin could see new highs in the coming year. However, the volatile nature of the crypto market means that caution is still advised, especially when making short-term predictions. For long-term investors, Bitcoin’s current levels could present an attractive opportunity.
For more in-depth analyses and updates on Bitcoin’s journey, stay tuned to The Bit Journal.
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