Historical trends tied to a key indicator suggests that Bitcoin (BTC) has plenty of upside back as renewed inflation in the United States threatens to challenge the current Uptrend.

The 200-week simple sliding average (SMA) of Bitcoin’s price, which smooths the short-term market fluctuations to give a clearer picture of the overall trend, amounted to $ 44,200 at the time of writing, according to TradingView.

Although this average is at its highest point ever, it is still significant below the previous Bull Market’s top of $ 69,000 in November 2021.

This can be an important point because previous data shows that bull markets end up with the 200-week SMA that rises to the record prices set in the previous bull race.

For example, the previous bull market ended in late 2021 with the 200-week SMA Rising for $ 19,000, 2017 Bull Market Peak. Similarly, the bull market ended in 2017 in December of the same year, when the 200-week SMA rose to the record price of over $ 1,200 set four years ago.

If previous trends apply, Bitcoin’s current interval between $ 90,000 and $ 110,000 will probably solve Bullishly and pave the way for the next upward movement.

The pricing of settings on abandoned supports the bullish views offered by the 200-week SMA. According to the data source Amberdata, options for the expiry of three months or longer show that call options are more expensive than putting options, indicating a market expectation of rising prices.

Furthermore, the most open interest in call options is concentrated in strikes higher than BTC’s ongoing market price of $ 96,700. From writing, the call option at the $ 120,000 strike was the most popular, boasting a nominal open interest rate of over $ 1.8 billion, reflecting bullish expectations. Open interest rates refer to the number of contracts that are active or open at a given time.