Bitcoin’s Bear Market May Be Over After a 20% Rally: But What Comes Next? (Analyst)

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.