Alex Thorn, head of research at Galaxy, said Bitcoin is showing strength after moving above its 50-week moving average. He wrote that, historically, a break above that level has served as a key marker that a bear-market bottom is already in place. Thorn added that if BTC can close this Sunday’s weekly candle above the 50-week moving average, the move would offer added confirmation. The comment frames the current setup as a technical signal rather than a definitive call, with the weekly close still in focus. The view was cited by BlockBeats on Sept. 19.
BlockBeats reported on Sept. 19 that Alex Thorn, Galaxy’s head of research, said BTC is currently showing strong price action and has moved above its 50-week moving average.
Thorn said that, historically, a break above the 50-week average has been a key level for confirming that a bear-market bottom has formed. If Bitcoin closes this Sunday’s weekly candle above the 50-week moving average, he said, that would add confirmation to the move.
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