Bitcoin Bear Market May Be Over After 20% Rally

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The $71,000 level remains crucial for Bitcoin, while $78,500 stands between the current market and a possible move toward $82,000.

Bitcoin had a huge week, finally. The crypto asset jumped by 25% and neared $80,000 as the rally gathered serious momentum.

One analyst now believes that the bear market has ended and BTC has entered a “Soft Bull Market,” following its recent breakout above several important resistance levels.

Bears Get Squeezed
Doctor Profit identified $71,000 as extremely strong support and $78,500 as the next major resistance, while explaining that everything between those levels is “noise.” While the analyst is not ruling out a retest of the $71,000 region, he does not expect it to be necessary. According to his analysis, it is the lowest meaningful region Bitcoin could revisit before moving higher.

Meanwhile, a break above $78,500 could help the asset make a run toward approximately $82,000. He expects the “Soft Bull Market” to turn into a full bull market escalation once Bitcoin breaks $82,000 with strength. Doctor Profit also points to BTC’s reaction around $60,000 as evidence that significant capital is ready to enter when fear returns.

“Bulls showed that they are ready to deploy size when fear appears, while everyone waiting for $50K, $40K or some magical four-year-cycle bottom was left watching the market move without them. And personally, I doubt the market will now be generous enough to give the majority another clean opportunity below $71K.”

Addressing concerns about Bitcoin being in an overbought zone, Doctor Profit said the weekly and monthly RSI remain in neutral regions. While the analyst considers the daily RSI important for short-term movements, he does not see it as a major risk at the current price area. Much of the recent move came from shorts being forced to close rather than an overload of new leveraged longs or massive spot purchases, which means that “bears became buyers against their will.”

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