Key TakeawaysHistoric Crossover: Bitcoin’s realized price has climbed above its 200-week moving average (200WMA) for the first time since June 2022.Bull Market Precedent: In past cycles (2017, 2021), this crossover preceded sustained multi-month rallies.New Highs in 2025: BTC set its fourth all-time high of the year, topping $124,000.Bitcoin (BTC) may be entering the next leg of its bull market, according to on-chain data from Glassnode. The realized price — which calculates the average cost basis of all circulating BTC — has surged to $51,888, moving above the 200-week moving average at $51,344 for the first time in nearly three years.Why the 200WMA Crossover MattersThe 200WMA is widely regarded as a long-term dividing line between bear and bull markets. Historically, when the realized price breaks above this level and continues rising, it has signaled the early stages of major rallies:2017 Cycle: Preceded the move from $1,000 to $20,000.2021 Cycle: Marked the start of the run to $69,000.Breaking above the 200WMA suggests a structural shift in market sentiment, turning what was previously a bear market floor into a potential long-term support level.From FTX Collapse to RecoveryThe last time Bitcoin’s realized price was above the 200WMA was June 2022, before the FTX collapse sent prices sharply lower. BTC then spent nearly three years below the threshold, reflecting sustained market stress.Reclaiming this level in 2025 indicates renewed investor confidence, bolstered by:Macroeconomic tailwindsRising institutional adoptionMultiple new all-time highs this year, with BTC most recently hitting $124,000Could History Repeat?If previous cycles are a guide, the crossover could mark the opening phase of a prolonged rally. With the realized price now above the 200WMA, and institutional inflows accelerating, analysts say Bitcoin may have “more room to run” in the months ahead.The return of the realized price above the 200WMA — a rare and historically bullish signal — strengthens the case that Bitcoin’s 2025 highs could be just the start of its next major growth phase, according to CoinDesk.