From Bear Trap to $88K: Analyst Reveals Why Bitcoin’s Rally Isn’t Over
Bitcoin is following a similar trajectory seen in 2022-2023, according to the latest observation by Doctor Profit.
The analyst said that the latest move above the 50-week moving average, in particular, set the stage for the breakout toward the $82,500-$83,000 area, which took place over the past several hours.
2022-2023 Structure Is Repeating
The MA50 Weekly is currently around $78,700. BTC recently pushed past that level and was trading near $85,000 at the time of writing after an explosive rally on Monday. Doctor Profit said a weekly close above the moving average would strengthen his bullish view.
Bitcoin broke below the MA50 Weekly and then reclaimed it seven times. Five instances were followed by bull markets, while two became false signals. Those occurred once in 2011, when BTC had “virtually no liquidity,” and once in 2020 during the COVID-19 crash.
The current market is showing a similar pattern. The analyst explained,
“The recent bear trap adds another similarity to 2022-2023! Same rejections, for 3-4 Weeks followed by a shakeout, then a recovery above the moving average and breakout above the MA50 Weekly, exactly of what is happening right now! Bears interpreted weakness as confirmation of another collapse, but the market reversed. I see the same broader transition!”
The latest move puts the focus on the start of the next bull market phase, which analysts have been speculating about lately. Doctor Profit has identified $88,000 as the next target once the remaining resistance levels are cleared.
Even Bolder Target
Crypto Patel flagged a 364-day gap between the crypto asset’s 2017 peak and 2018 bottom, followed by a similar 364-day gap between the 2021 peak and 2022 bottom. The analyst said the 2025-peak-to-2026-bottom also appears to follow the same timing.
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Bitcoin is now retesting long-term trendline support after losing the major EC zone. If the historical pattern continues, Crypto Patel said the next major expansion could target $370,000. He stressed that price action must confirm the setup.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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