Add as a preferred source on GoogleGalaxy's Alex Thorn, Head of Firmwide Research, Says Bitcoin (BTC) Bottom Is In
Bitcoin has stayed above its 50-week moving average since the week of Sept. 20. Galaxy identified four earlier reclaims after at least 20 weeks below the average, with no close more than 8.4% beneath the reclaim level…
Bitcoin (BTC) has remained above its 50-week moving average since its weekly close moved back over the benchmark in the week of Sept. 20. Alex Thorn, Galaxy's head of firmwide research, said, “We believe the bottom is in.”
Galaxy identified four previous times Bitcoin moved above the average after at least 20 weeks below it. In none of those cases did Bitcoin close more than 8.4% below the reclaim level during the next year.
The view follows Galaxy's earlier assessment that Bitcoin's bear market ended in June.
Enna Lee
ReporterEnna Lee reports on investing and digital-asset markets for TokenPost. Send corrections or tips to info@tokenpost.com.