Bitcoin’s 90-Day Uptrend Breaks Bear Market Record
Bitcoin ($BTC) is causing a dilemma in the market with its recent movements. After rising above $82,000 last week, $BTC’s sharp drop to around $77,000 is pitting bull and bear supporters against each other.
Some analysts argue that $BTC’s recent rise is the start of a bull run, while others claim it’s a recovery from a bear market.
However, recent analysis reveals that Bitcoin has maintained an upward trend for 90 days and is exhibiting behavior different from past bear markets.
Analyst Points to Record-Long Uptrend
Renowned analyst Matthew Hyland argued in his analysis that the recent Bitcoin surge resembled a bull market surge rather than a bear market surge. He justified this prediction by pointing to $BTC’s continued upward trend for the past 90 days, since it tested $60.
According to the analyst, Bitcoin is exhibiting behavior different from past bear markets, showing an upward trend for 90 days after falling below $60,000.
At this point, the analyst argues that Bitcoin has broken the record for the longest uptrend within a bear market in its history and is exhibiting behavior similar to a bull market rally.
The analyst also interprets $BTC’s successful break above the long-term resistance of $77,000 as a bullish signal.
“The recent Bitcoin rally looks more like a bull market rally than a bear market rally.”
Because, in the history of $BTC, there has never been a rally that trended upwards for 89 days during a bear market, never has there.
The breakout above long-term resistance has also signaled the start of a bull market rally on the previous three occasions.
Both of these characteristics are typical of a bull market rally, not a bear market rally.
Critical Resistance Level Needed for Confirmation
Besides Matthew Hyland, analyst Filbfilb, also known by his pseudonym, assessed the current state of $BTC. Filbfilb argues that further upward momentum and overcoming of resistance are needed to determine whether the recent rise constitutes a bull market.
The analyst stated, “For Bitcoin to confirm a return to a bull market, it needs to break above the weekly supertrend resistance level of $88,000 to $90,000. The last two $BTC bear markets ended with a weekly increase of over 20% and a break above the weekly supertrend – currently around $88,000.”
This is not investment advice.
