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Bitcoin and the 50 Week Moving Average

Benjamin Cowen examines Bitcoin's test of the 50-week moving average and compares the current market structure with prior bear-market recoveries. He concludes that multiple closes above the moving average, particularly with follow-through, would likely signal that the bear market is over, while a quick rejection would preserve the possibility of further downside.

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Key Points

Cowen says historical indicators provide different signals about whether Bitcoin's bear market has ended: MVRV Z-score, balance price, and realized price point to lower prices, while supply-based and time-based measures could imply a longer process.

He identifies the 50-week moving average as a historically important threshold, saying prior bull markets ended after Bitcoin recorded two weekly closes below it.

Benjamin Cowen says Bitcoin's moves above the 50-week moving average in 2019 and 2023 included follow-through, which helped confirm that the bear market had ended.

He also points to 2015, 2018, and 2022 as examples in which Bitcoin reached or moved above the bear-market resistance area but was rejected at the 50-week moving average.

Bitcoin Tests 50-Week Average

Benjamin Cowen introduces Bitcoin’s rally to the 50-week moving average and frames the central question of whether this test could mark the bear market’s end.

Historical Bear-Market Signals

Cowen compares cycle timing and on-chain indicators, noting that different measures suggest either additional downside or a longer accumulation period before a durable recovery.

Follow-Through Above Resistance

Past Bitcoin recoveries in 2019 and 2023 ended their bear markets after decisive moves above the 50-week average with confirmation and follow-through.

Acceptance Versus Rejection

Cowen argues that multiple weekly closes above the 50-week average, especially with follow-through, would likely confirm the bear market is over, while rejection keeps downside possible.

Bitcoin’s Decisive Next Test

Bitcoin is testing the 50-week average for the first time this bear market; Cowen expects rejection to happen quickly, while sustained consolidation could precede a breakout.

Important Disclaimers

Not Investment Advice: For education only — not financial, tax or legal advice.

AI-Generated: Made by AI from source transcripts and may contain errors.

No Guarantees: Past performance does not predict future results; investing carries risk.

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