[If history is any guide, you may never buy Bitcoin for less than $40,000]
According to Blockstream CEO Adam Back, Bitcoin’s 200-week moving average (MA) exceeded $40,000 for the first time. This level is regarded as the bottom line of Bitcoin price and has important reference value. Currently, Bitcoin is trading at $68,352.
Although Bitcoin has fallen below the 200MA in some major events, such as "Black Thursday" in March 2020, these situations are extremely rare. Bulls usually hold this key level, so the chances of Bitcoin falling below $40,000 in the future are very low.
Well-known analyst Josh Olszewicz pointed out that the key resistance level for Bitcoin bulls is $71,200. If Bitcoin can achieve a weekly close at this level, it is expected to restart the bull trend. According to reports, Bitcoin briefly recovered to $69,000 last week, but whether the rebound can be sustained remains uncertain.
Investors see a 70% chance of Bitcoin topping $70,000 in October, along with a 73% chance of reaching a new all-time high in 2024, according to Polymarket data.
