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<p>In the volatile cryptocurrency world, where prices swing like a pendulum, understanding the underlying trends becomes paramount for investors and enthusiasts alike. Bitcoin (BTC) has seen its better and worst days; from hitting above $70,000 mark to record 119% rise in value, to dropping under $60,000, within two months. Amid fluctuations in its price, there are convincing signs pointing to a rise in the market for <a href="https://coingape.com/price/bitcoin" rel="noopener noreferrer nofollow">Bitcoin price</a> in the long-term. Let’s delve into why this is so.</p>
<h2 id="strong-current-market-performance-of-bitcoin-price-strong"><strong>Current Market Performance of Bitcoin Price</strong></h2>
<p style="text-align: center;"><img decoding="async" class="aligncenter size-full wp-image-195611" src="https://coingape.com/wp-content/uploads/2024/05/Screenshot-2024-05-07-093644.png" alt="Current Market Performance of Bitcoin Price" width="2536" height="1255" srcset="https://coingape.com/wp-content/uploads/2024/05/Screenshot-2024-05-07-093644.png 2536w, https://coingape.com/wp-content/uploads/2024/05/Screenshot-2024-05-07-093644-300x148.png 300w, https://coingape.com/wp-content/uploads/2024/05/Screenshot-2024-05-07-093644-1224x606.png 1224w, https://coingape.com/wp-content/uploads/2024/05/Screenshot-2024-05-07-093644-768x380.png 768w, https://coingape.com/wp-content/uploads/2024/05/Screenshot-2024-05-07-093644-1536x760.png 1536w, https://coingape.com/wp-content/uploads/2024/05/Screenshot-2024-05-07-093644-2048x1014.png 2048w, https://coingape.com/wp-content/uploads/2024/05/Screenshot-2024-05-07-093644-150x74.png 150w" sizes="(max-width: 2536px) 100vw, 2536px"></p>
<p>Bitcoin is currently trading a $63,558.95, having declined by 1.31% over the past day. However, a broader timeframe shows Bitcoin recording a slight gain of 0.36% over the past week. This trend is seen over the past month, where BTC saw its value drop by 8.16%.</p>
<p>Moving on to market capitalization, Bitcoin maintains its position as the unbeatable cryptocurrency leader with $1.25 trillion, according to <a rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank">CoinMarketCap</a>.<br> The coin also exhibited a heightened trading activity in the market, having increased by 67.88% in trading volume over the past 24 hours to record $30.51 billion.</p>
<p>In the same period, <a href="https://coingape.com/bitcoin-enters-key-buying-zone-btc-price-rally-to-70k/" rel="noopener noreferrer nofollow">BTC</a> price has been fluctuating between low of $62,746.24 and a high of $65,494.90. Although its resilience has seen it maintain its value above the $60,000 mark, it reached its all-time high of $73,750.07 on March 14, 2024, but has since retraced by 14.14%.</p>
<h2 id="strong-why-bitcoin-price-signals-long-term-bullish-outlook-strong"><strong>Why Bitcoin Price Signals Long-term Bullish Outlook</strong></h2>
<p>Various factors demonstrate Bitcoin price is poised for bullish performance in the long-term</p>
<h3 id="strong-1-technical-indicators-point-to-bullish-long-term-outlook-strong"><strong>1.Technical Indicators Point to Bullish Long-Term Outlook</strong></h3>
<p>Leading these indicators is the 200-day <a href="https://coingape.com/education/simple-moving-average-how-to-leverage-it-in-crypto-market" rel="noopener noreferrer nofollow">moving average</a> (MA). This particular measurement, which evens out abrupt changes in the short term, has peaked at a record $50,178. This milestone is not just a numerical value; it serves as a guiding light pointing towards the optimistic outlook on Bitcoin in the long run.</p>
<p>Why is this significant? The 200-day MA is not an arbitrary number; it mirrors Bitcoin’s performance across a substantial timeframe. Historically, a bullish trend has been indicated when the price is trading above this average. On the other hand, when it falls below, it typically indicates a negative outlook. At present, with Bitcoin surpassing this threshold, it is like a signal for investors in it for the long haul.</p>
<p>APompliano, a popular crypto analyst, also stresses the durability of Bitcoin’s upward movement and advises investors to not be influenced by temporary market fluctuations.</p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr">Bitcoin's 200 day moving average just hit a new all-time high.</p>
 <p>GBTC saw the first day of inflows in 78 days.</p>
 <p>Don't get lulled to sleep by bitcoin going sideways. The long-term thesis is as strong as ever.</p>
 <p>Here is my segment on <a href="https://twitter.com/SquawkCNBC?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@SquawkCNBC</a> this morning. <a href="https://t.co/BG6GkzqVIi" rel="noopener noreferrer nofollow">pic.twitter.com/BG6GkzqVIi</a></p>
 <p>— Pomp <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f32a.png" alt="🌪" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@APompliano) <a href="https://twitter.com/APompliano/status/1787466346671817208?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 6, 2024</a></p>
</blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<h2 id="strong-2-confidence-boost-from-long-term-trend-indicator-strong-s"><strong>2. Confidence Boost from Long-Term Trend Indicator</strong>s</h2>
<p>The positive outlook on the 200-day MA is supported by the exceptional results of the 200-week moving average (MA). Rising to a record-breaking level above $34,000, this extended period trend gauge offers additional confirmation of Bitcoin’s upward path. Having stayed above this important level since mid-October, Bitcoin’s long-term prospects are bolstered, increasing confidence in its role as a valuable store of value and investment asset. This indicator over a longer period, demonstrated by Willy Woo’s <a rel="noopener noreferrer nofollow" href="https://woocharts.com/bitcoin-price-models/" target="_blank">WooCharts</a>, supports the story of Bitcoin’s rise, giving investors a reliable guide in the uncertain world of speculation.</p>
<h2 id="strong-3-institutional-interest-and-capital-inflows-strong"><strong>3. Institutional Interest and Capital Inflows</strong></h2>
<p>In the midst of rising moving averages and positive sentiment, institutional interest in Bitcoin is still increasing. The recent events concerning the <a href="https://coingape.com/grayscale-gbtc-stock-rose-5-sequel-to-first-inflow-since-launch/" rel="noopener noreferrer nofollow">Grayscale</a> spot Bitcoin spot ETF demonstrate this pattern. Since becoming a <a href="https://coingape.com/education/bitcoin-spot-etf/" rel="noopener noreferrer nofollow">spot ETF</a>, the fund has seen over $17.5 billion in outflows before finally receiving a notable inflow of $63 million on May 3rd.</p>
<p>This increase in institutional capital shows a growing belief in the long-term potential of Bitcoin and strengthens its position as a feasible investment option.</p>
<h2 id="strong-conclusion-strong"><strong>Conclusion</strong></h2>
<p>The price surge of Bitcoin demonstrates its continued resilience and strength in the unpredictable world of cryptocurrencies. Gaining insights into fundamental indicators can be beneficial for investors. While there may be temporary fluctuations such as a small decrease in the 50-day moving average, overall positive signals characterize Bitcoin’s trajectory. The presence of volatility is natural, but the focus should be on long-term trends despite the positive outlook on Bitcoin’s future.</p>
<p>The post <a href="https://coingape.com/blog/bitcoin-price-signals-bullish-outlook-in-the-long-term-here-is-why/" rel="noopener noreferrer nofollow">Bitcoin Price Signals Bullish Outlook In the Long-term; Here is Why</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.</p>

Bitcoin Price Signals Bullish Outlook In the Long-term; Here is Why

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