Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
⭐ Merited by JayJuanGee (1)
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Overall 2023 was a satisfactory year, if you are seeing it from the perspective of bitcoin price.
Overall 2023 was a satisfactory year, if you are seeing it from the perspective of bitcoin price.
5 more "satisfactory" years and btc is at about 500K
Why aim for 5 years? When bitcoin has capability to reach 500k in 2 to 3 years.
We also had a correction in which the BTC price got down to 35% below the 200-week moving average, and even though we did not stay at those max levels, we did spend quite a bit of time below the 200-week moving average between around June 2022 until as late as October 2023.. and yeah, maybe the 200-week moving average is a bit of an artificial line in the sand.. but still it was historically significant in terms of a kind of level of "not being normal."
Thanks to Bitmver project https://bitcoindata.science/withdrawal-strategy , now we can have quick comparison of Bitcoin 200 week moving average vs its price.
You are right that from June 2022 to Oct 2023, price of Bitcoin was below its 200 week moving average.
For long term investors these indicators do make sense.