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Bitcoin Is About To See A Mega Moon Rally

It’s been revealed that crypto trader and influencer Lark Davis believes that Bitcoin is ready to rally once it goes above a key price area.

During a new strategy session, he said that he’s got his eye on the 200-day simple moving average (SMA) to determine whether Bitcoin bulls can recapture momentum in the market.

Here’s what he had to say:

“There’s one simple line we need to keep our eye on. That is the 200-day simple moving average. That’s the bull/bear line for me…That’s currently around $44,700. That’s the line that the bulls need to take control of. Until we cross over that line, we are still technically in a bearish trend.”

He also seems to believe that Bitcoin’s run above $64,000 in April and its subsequent 54% retracement a month later could potentially just be a massive retest of weekly support at $29,300 – just in case you don’t know, this was built earlier this year.

Bitcoin could be gearing up for a strong surge

According to him, this support retest could show the fact that Bitcoin might be gearing up for a strong surge.

“But what if all of this – what if all this crazy run-up, all this crazy bearish action – has simply been one massive, incredible retest of support, which essentially means that Bitcoin is getting primed for a mega moon rally… We going to the moon once we reclaim the 200-day [simple] moving average,” he said.

At the moment of writing this article, BTC is trading in the green and the king coin is priced at $40,714.43.

These days, Bitcoin’s price has been boosted by some reports claiming that Amazon would start accepting the king coin.

The rumours were fueled by all sorts of reports.

The rumours that Amazon might be entering Bitcoin and crypto payments were strengthening but then the giant denied it all.

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