From Bear Trap to $88K: Analyst Reveals Why Bitcoin’s Rally Isn’t Over

After several weeks of rejection and a bear trap, Bitcoin reclaimed MA50 Weekly. 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. His observation stems from Bitcoin’s previous market structure in 2022-2023, when the crypto asset faced several rejections around the MA50 Weekly before eventually clearing it. 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, ...