A new bull market requires Bitcoin to hold above $78,700 on the weekly chart
Odaily reports that Doctor Profit posted on X platform that Bitcoin has broken above the 50-week moving average, which sits at approximately $78,700. If the weekly close remains above this average, he will view it as a confirmation signal of a new bull market.
He stated that the current price action is similar to the 2022-2023 structure, where Bitcoin reclaimed the 50-week moving average after being capped for several consecutive weeks and experiencing a bear trap. Historically, Bitcoin has fallen below and then reclaimed the 50-week moving average 7 times, of which 5 led to bull markets, while the other 2 formed fake breakouts in 2011 and 2020 respectively. Bitcoin is currently still trading in the $71,000 to $82,000 range, and a breakout above the $82,500 to $83,000 zone would constitute a stronger confirmation. He will continue to hold spot positions and target $88,000 once the remaining resistance is broken.
