Will Bitcoin Suffer a Long-Term Bear Market?

investopedia.com:

Crypto markets exhibited a sluggish pattern last week, with some dire predictions for the medium-term future being made by analysts. Investors are concerned about the increase in interest rates and general negative sentiments about the economy. Bitcoin is also suffering and doesn't appear to be poised for a bullish breakout. The flagship cryptocurrency may see bearish trends, as chart patterns indicate. As of this writing, Bitcoin is in the green zone, hovering around $20,000.

For the first time in the history of Bitcoin,the cryptocurrency's 20-week moving average dipped below the 200-week moving average. In other markets, when this happens, it usually portends a lengthy bear market.

For those who don’t know, a moving average is just a technical indicator that smooths out price data by creating a constantly updated average price. They often form the basis for other technical indicators, like the moving average convergence divergence (MACD).

Bitcoin does not often even get close to its 200-week moving average, and the fact that the price is even there is a rare event. Usually, when this level was reached, it was followed by a period of strong price increases.

This time could be different, however. Not only has Bitcoin failed to hold the level and closed below it for more than ten weekly candles, and it also failed to break past it last month.

There has been some speculation on the whole incident, with analysts pointing to the fact that the crypto market is now much more closely related to the S&P 500.This is a point that has become a much stronger part of the narrative as the crypto market has gone more mainstream and behaving like stock market.

Bitcoin and other assets used to be seen as something that was separate from