Bitcoin Rally- 200W SMA Pattern Points to $180K Bitcoin
Bitcoin Rally– Benjamin Cowen, founder of Into The Cryptoverse, recently highlighted an interesting pattern in Bitcoin’s price behavior. In a June 10 post on X, he referenced the correlation between Bitcoin’s historical cycle tops and the 200-week simple moving average (SMA). According to Benjamin Cowen, this long-term indicator has reliably signaled previous market peaks.
Bitcoin usually tops out when the 200W SMA reaches or surpasses the all-time high of the previous cycle.
This theory has held true over the years. In 2013, Bitcoin peaked at $1,242 when the SMA crossed a prior high. The 2017 peak of $19,804 lined up with the SMA reaching $1,157—close to the 2013 top. The pattern repeated in 2021, when Bitcoin hit $69,000 as the 200W SMA approached the 2017 high.
Current Market Dynamics
As of now, the 200-week SMA stands at $48,353, while Bitcoin’s 2021 all-time high was $68,997. This gap of over $20,000 suggests Bitcoin hasn’t reached its full cyclical potential yet. Cowen emphasized:
It’s something to keep in mind.
Bitcoin recently surged to a high of $110,617 before settling near $109,274. Its market cap is now over $2.1 trillion.
Other market observers echo Cowen’s optimism. Crypto analyst Klarch suggested Bitcoin could rise as high as $180,000, citing similar cyclical indicators and increased capital flow. Some forecasts even project targets of $200,000 to $250,000.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
