Prominent Trader: Bitcoin to Enter Bull Market if Price Reclaims $69,500 or Above

BlockBeats News, August 16th: Renowned trader Killa posted that Bitcoin has returned above the Mayer Multiple 0.8 level, after briefly falling below this point. He noted that in 2022, BTC also briefly dropped below this level before recovering.

Killa stated that the real confirmation signal in 2022 came when Bitcoin reclaimed the 200-day moving average, marking the start of a bull market. Currently, BTC's 200-day moving average is around $69,500.

He believes that the next step is to wait for Bitcoin to retest and hold above the 200-day moving average; once this action is completed, the market can be officially considered to have transitioned to a bull market.