The recent plunge in the crypto markets has pushed Bitcoin (BTC) to a “make or break” point \u2014 the 21-month simple moving average, which sits in the high-$6,000s at current.<\/p>\n
As analyst Byzantine General recently pointed<\/a> out in a recent tweet, this level has been the point at which BTC has bounced in two previous bull market retracements.\u00a0Of course, the sample size of bull markets is small, though the chart below shows that the 21-month moving average has been a significant level for BTC to hold above.<\/p>\n https:\/\/twitter.com\/ByzGeneral\/status\/67031559<\/p>\n A confluence of analysis and research suggests that Bitcoin will hold the level, and thus continue its secular bull market.<\/p>\n David Martin, the CIO of Blockforce Capital,\u00a0recently shared<\/a>\u00a0some of a report from\u00a0Delphi Digital<\/a>, in which the research boutique says that \u201c[although] short-term sentiment gauges have rolled over, the longer-term uptrend still remains intact.\u201d<\/a><\/p>\n There is evidence, and a fair bit of it to boot, to support this.<\/p>\n Per\u00a0previous reports from NewsBTC<\/a>, the monumental surge of volumes seen last June, which marked an all-time high, is indicative of a long-term bull trend forming. Digital asset manager Charles Edwards noted in a Twitter thread that fresh all-time highs in volumes were followed by consolidation, just like we\u2019re seeing now, then \u201chuge rallies\u201d; the growth in volume leading to long-term exponential bull markets that brought Bitcoin to orders of magnitudes higher than it was before the surge.<\/p>\n Massive volume in Bitcoin<\/p>\n Guess what? <\/p>\n Things are not as they may seem.<\/p>\n Shrinking Spot market volume has been more than compensated for. <\/p>\n Futures have swallowed the Spot market. BTC 90 day Volume was recently 40% more than the 2017\/18 peak.<\/p>\n This has powerful implications. pic.twitter.com\/LXRoF9NXoG<\/a><\/p>\n — Charles Edwards (@caprioleio) November 11, 2019<\/a><\/p><\/blockquote>\nBitcoin to Remain in Long-Term Bull Market, Analyses Show<\/strong><\/h2>\n
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