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Bitcoin surged approximately 25% last week, reaching the $80,000 level, raising questions about whether the market has emerged from a bear market and whether a new bull run has begun.
At this point, Galaxy Research has identified a critical level that could indicate a bull or bear market. According to Galaxy Research analysts, Bitcoin’s reclaiming of its 50-week simple moving average could be a significant signal that the current bear market is coming to an end.
Critical Level for Bitcoin: $81,000!
At this point, analysts noted that Bitcoin’s 50-week simple moving average is around $81,087, and stated that this level is very critical for $BTC.
Galaxy Research, noting that past Bitcoin bear markets were examined, pointed to a remarkable statistic. According to their findings, in 11 out of 13 completed bear markets, Bitcoin had already reached its bottom by the time it regained its 50-week moving average.
Therefore, analysts believe that if Bitcoin makes a weekly close above this level, the current bear market may well be over.
In other words, after the recent rise, $BTC is being monitored in the $81,000-$82,000 region. However, to say that the bear market is over or that the bottom has been reached, it is critically important that Bitcoin not only surpasses this level on the daily chart but also remains above it on a weekly basis.
In conclusion, according to Galaxy Research, if historical data repeats itself, a weekly close above approximately $81,000 for Bitcoin could strongly signal that the current movement is part of a larger trend reversal rather than just a simple rebound. Therefore, whether Bitcoin surpasses the $81,000 region and achieves a weekly close above it will be one of the most closely watched indicators for the market in the coming period.
*This is not investment advice.