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.

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.