CryptoQuant: Bitcoin eyes new highs if price clears $87,165 20-month average

Bitcoin is currently testing a key technical level, with market analysts watching closely for a breakout that could lead to new all-time highs. According to onchain analytics provider CryptoQuant, the world’s largest cryptocurrency may continue its upward trajectory if it can decisively move above the 20-month simple moving average (SMA), which stands at $87,165 as of October 16. The 20-month SMA serves as an essential benchmark for Bitcoin traders. This moving average forms the core of CryptoQuant’s market cycle indicators, which use it to help define Bitcoin’s current place within its broader cycle. The popular Bollinger Bands metric also uses the 20-month SMA as a baseline, adding standard deviation-based bands above and below it to map out potential price zones.

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