The ongoing bullish momentum in the crypto market is gaining strength, with analysts highlighting on-chain indicators that point to a continued bullish trend for Bitcoin.

On-chain analysts like Ali Martinez draw insights from Bitcoin’s historical trends around its 200-day moving average. On a Monday post On

Martinez highlighted that Bitcoin’s break above the 200-day moving average has resulted in massive parabolic bull runs over the past three times.

In particular, the 200-day moving average is an important technical indicator that represents the average closing price of Bitcoin over the last 200 days. It is often considered an important trend line for identifying long-term momentum shifts.

The attached historical chart illustrates three instances – 2023, 2021 and 2017 – where Bitcoin broke this line (indicated by the red line in the charts below). In any case, the price rose significantly after the breakout and began parabolic bull runs with massive percentage gains.

Bitcoin’s parabolic gains after each 200-day MA breakout

According to Martinez’s chart, the most recent breakout above the 200-day moving average occurred around May 2023. This resulted in a notable 274.79% increase as the price rose from around $19,400 to over $73,000 by March 2024.

Similarly, Bitcoin’s breakout above this moving average resulted in an impressive 704.94% increase in the 2021 cycle, lifting the price by $55,690. The 2017 cycle saw an even more dramatic result: the breakout led to an extraordinary rally of 7,513.24%, taking the price from around $240 to over $20,000.

These examples confirm the importance of the 200-day moving average, which marked the beginning of Bitcoin’s parabolic runs in the past.

In an earlier one updateMartinez noted that Bitcoin made an initial attempt to break above the 200-day moving average but was met with rejection. However, the leading crypto asset is now making another attempt with its ongoing price increases.

Bitcoin uptrend in motion

Bitcoin is currently trading at $65,396, up 2% from the last day and a seven-day cumulative gain of 4.77%.

Martinez has highlighted that Bitcoin could be heading towards new highs around $78,000 as it overcomes key resistance and support targets.

Additionally, prominent market observers such as CryptoQuant founder Ki Young Ju are also bullish on Bitcoin. Young Ju Common on-chain indicators This suggests that Bitcoin could withstand short-term selling pressure, preventing significant price declines and paving the way for higher highs.