Is the Bitcoin Bull Run Over or Just Getting Started?

Bitcoin has been making people nervous lately. With price swings and multiple failed attempts to push past $112,000, many are wondering, is the bull run over? Are we entering another bear market? 

But, according to experienced crypto trader Mags, analysis suggests that Bitcoin may be preparing for another major rally.

Bitcoin’s 50-WMA Hints at $130K Level

In a recent tweet, Mags pointed out that Bitcoin’s 50-week moving average (50 WMA) has long acted as a strong support level. Whenever Bitcoin touched this line before, it often bounced back and moved higher.

Mags’ chart highlights several historical “BUY” signals when Bitcoin touched the 50 WMA and later surged higher. The only “SELL” signal occurred back in early 2022, when BTC failed to hold above the moving average. Since then, the 50 WMA has continued to act as a strong support line.

If history repeats, Bitcoin could soon break past $112,000 and head toward $130,000 or more.

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On-chain Activity Points to Accumulation

Adding to this perspective is some recent large-scale on-chain activity. According to crypto analyst Maartunn, over 19,400 BTC, worth around $2.11 billion, were recently moved out of dormant wallets into institutional-grade addresses. These coins had not been touched for three to seven years. 

While such moves often hint at strategic selling, it suggests large investors might step in to buy while the price stays steady

Short-Term Pressure Still Exists

While everything isn’t just bullish yet. According to CryptoQuant data, the Cumulative Volume Delta (CVD) is still negative. This suggests ongoing short-selling by takers, showing that some traders are betting against a breakout, at least for now.

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