Price Action and Market Signals Point to Further Bitcoin Gains

Bitcoin’s Long-Term Metrics Suggest Bull Run Is Far From Over

Despite some investors viewing Q4 as the potential end of the current cycle, long-term indicators point to continued upside for Bitcoin.

Currently, many market participants are framing Q4 as a cycle-ending period. However, Glassnode data highlights two metrics that suggest the bull market could still be in its early stages:

• The 200-week moving average (200WMA), a key long-term trend measure, has recently risen above $53,000, continuing its historically upward trajectory.
• The realized price—the average price at which all circulating BTC last moved on-chain—has climbed above the 200WMA to $54,000, a signal typically associated with ongoing bullish momentum.

Historical trends support this perspective:

• During the 2017 and 2021 bull runs, the realized price consistently remained above the 200WMA, widening the gap before eventually falling below it to signal the start of bear markets.
• During the 2022 downturn, the realized price dropped below the 200WMA, but has now returned above it, aligning with previous bull market patterns.

Analysts note that when Bitcoin’s realized price holds above the 200-week moving average, the market has historically continued to push higher, indicating that this bull run may still have substantial room to grow.