Bitcoin Price Could Avoid New Lows As Analyst Points To Historical Pattern

Bitcoin price has come under renewed pressure following its latest market decline , but one prominent analyst believes historical data offers a reason for cautious optimism. Galaxy’s head of firmwide research, Alex Thorn, has identified a technical pattern that previously appeared during two major Bitcoin market recoveries, suggesting the cryptocurrency could avoid establishing fresh bear-market lows. In a November 9 post on X, Thorn highlighted Bitcoin’s recent move below its 50-week moving average. The cryptocurrency had remained above this important technical indicator for seven consecutive weeks before losing the level again. However, the analyst pointed out that similar developments occurred during the 2011–2012 and 2019–2020 market cycles. In both cases, Bitcoin avoided establishing a new bear-market low on a weekly closing basis.

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