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Bitcoin and altcoins have experienced a significant surge in recent days. Bitcoin, which was around $63,000 at the beginning of the week, has continued its accelerating rise, climbing above $79,000.
$BTC has gained approximately 23% in value since August 19th, with this rise largely attributed to the liquidation of short positions and increased demand in the spot markets.
This rise has brought back a positive sentiment to the market, while some analysts argue that the bear market may be over.
Is the Bitcoin Bear Market Really Over?
Accordingly, CryptoQuant CEO Ki Young Ju claims that Bitcoin’s bear market has effectively ended.
The renowned CEO stated that the recent recovery in Bitcoin indicates that the market remains strong and the $BTC trend is resilient, suggesting that the bear market may have effectively come to an end.
Ju also added that in a bear market, this type of recovery is often seen as a sign that the bottom has been reached.
However, Ju noted that a short-term pullback is still possible, adding that the resilience of the current price movement is a positive signal for Bitcoin.
“$BTC looks strong here. These kinds of rallies in bear markets usually signal that the bottom has been reached.”
We might see a slight dip, but the bear phase is largely over.”
Besides the CEO of CryptoQuant, Jack Yi, founder of LD Capital, also assessed that the bear market in Bitcoin has officially ended.
Jack Yi, in a statement from his X account, noted that $BTC has definitively crossed above the 120-day and 200-day moving averages on the daily chart, and above the 20-week moving average on the weekly chart, concluding that the bear market trend has officially ended.
Yi stated that the rally could continue for another two weeks, but a correction is likely afterward.
At this point, Yi stated that Bitcoin’s approximately 56% drop from $126,000 to $57,000 constituted the ultimate bottom, and that a return to the $50,000 level was unlikely. However, maintaining his bullish outlook, Yi warned investors, particularly regarding leveraged long positions, about the risk of a potential correction.
*This is not investment advice.