Bitcoin's Bull Run: Nearing Its End or Just the Beginning?

The question on everyone's mind: Has Bitcoin's bull run concluded, or is it merely in its early stages? Recent volatility and unsuccessful attempts to surpass the $112,000 mark have left investors anxious. However, seasoned crypto trader Mags offers a different perspective, suggesting that Bitcoin might be gearing up for another significant surge. Analyzing Bitcoin's 50-week moving average (50 WMA), Mags highlights its historical role as a robust support level. Instances where Bitcoin has touched this line have often preceded rebounds and upward trends. A notable exception was early 2022, when Bitcoin failed to maintain its position above the moving average, resulting in a 'SELL' signal. Since then, the 50 WMA has consistently served as a strong support. If past patterns hold, Bitcoin could soon break through $112,000, aiming for $130,000 or beyond. Supporting this outlook, crypto analyst Maartunn observed substantial on-chain activity, with over 19,400 BTC, valued at approximately $2.11 billion, transferred from dormant wallets to institutional-grade addresses. These coins had remained untouched for three to seven years. While such movements often indicate strategic sales, they may also signal institutional accumulation at current price levels. Nonetheless, the market isn't without its pressures. CryptoQuant data reveals a negative Cumulative Volume Delta (CVD), pointing to ongoing short-selling and trader skepticism regarding an immediate breakout.