Bitcoin (BTC) may have reversed all price losses since its crash in March, but another price indicator is about to make a new all-time high.
As noted by Yassine Elmandjra, crypto-asset analyst at investment advisor ARK, the top cryptocurrency by market capitalization is about to set a new record high for yearly moving average price.
BTC price metric shoots for the moon
In a tweet on May 1, Elmandjra produced a chart confirming the trend — since early 2018, the time of Bitcoin’s current yearly moving average price high, the number has dropped then rebounded.
Late 2018 proved to be the floor when BTC/USD traded at around $3,100. Now, a slow grind up through 2019 has culminated in a new landmark moment that will hit if markets retain their current levels.
Bitcoin’s yearly moving average price is, therefore, at around $9,000 for only the second time in its history.
Elmandjra drew attention from both Morgan Creek Digital co-founder Anthony Pompliano and “The Bitcoin Standard” author Saifedean Ammous with the findings.
BTC/USD yearly moving average price chart. Source: Yassine Elmandjra/ Twitter
What’s in a daily Bitcoin price?
Despite the continued solid performance, however, not everyone believes that price behavior is particularly relevant when it comes to deciding whether or not to buy Bitcoin.
In a CNBC interview from September 2019 currently circulating on social media, Morgan Creek Digital’s CEO, Mark Yusko, argued that selling Bitcoin was not something that anyone should ever consider.
“All the indicators of the network and the network value are rising; the price of any asset fluctuates,” he said.
Yusko also pointed to the price consistently making higher lows each year, with the exception of 2015, but that the daily price of Bitcoin “doesn’t matter.”
On Twitter this week, meanwhile, he doubled down on his position. Yusko wrote:
Always pays to #BuyWhatIsOnSale. Daily price of #Bitcoin is Noise, focus on Signal of increasing adoption and positive fundamentals.