However, two key metrics point to the possibility that the bull market may actually be in its early stages. Glassnode data shows that the 200-week moving average (200WMA), which smooths bitcoin’s price over a long-term horizon and has historically only trended upwards, has just breached $53,000. Meanwhile, the realized price, the average price at which all bitcoin in circulation last moved onchain, has just risen above the 200-WMA at $54,000. In bull markets, the realized price tends to stay above the 200-WMA, while in bear markets, the opposite occurs. Historically, once the realized price remains above this long-term moving average, bitcoin has tended to push higher as the bull market progresses.