Bitcoin Falls Below 200-Week SMA, Seen as Long-Term Buying Opportunity
Bloomingbit Newsroom
Summary
- Bitcoin (BTC) has fallen below its 200-week simple moving average (SMA), with one analyst saying the move should be viewed as a long-term buying opportunity.
- Ali Martinez said periods below the 200-week moving average have consistently provided long-term accumulation opportunities, adding that now is a good time to use a dollar-cost averaging strategy.
- According to a chart he shared, Bitcoin rose more than 267% and 660% after briefly falling below the 200-week moving average during the 2019 and 2022 bear markets, respectively.
Forecast Trend Report by Period
Bitcoin (BTC) has fallen below its 200-week simple moving average, a move one analyst says should be viewed as a long-term buying opportunity.
On June 27, cryptocurrency analyst Ali Martinez wrote on X, formerly Twitter, that Bitcoin rarely trades below its 200-week moving average. Historically, that level has consistently offered a long-term accumulation opportunity.
He added that now is a good time to implement a dollar-cost averaging strategy.
A chart shared by Martinez showed that after briefly dropping below the 200-week moving average during the 2019 and 2022 bear markets, Bitcoin later rose more than 267% and 660%, respectively.
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