Last week, Bitcoin managed to break above the 100-day moving average, and on Sunday it briefly rose above $47 thousand. This event significantly improved the prospects for the cryptocurrency.
In 2019, Bitcoin similarly found itself in a bullish range after a 20% breakout. The cryptocurrency hit a new high, followed by another 50% bull run.
That chart resembles the current situation, but remember that past events are no guarantee of future results. However, if the situation repeats itself, BTC’s all-time high could be tested.
If BTC manages to hold above the psychologically important level of $45 thousand, the upward trend towards $50 thousand may continue.