Renowned Trader: Bitcoin Bear Market Is Over, Currently in Early Bull Market Stage

BlockBeats News, August 21st — Renowned trader Doctor Profit stated that Bitcoin has recently surged through multiple key resistance levels, indicating the end of the current bear market and the beginning of an early-stage bull market. Recently, BTC has broken through 4 to 5 full bear market resistance zones in a single day, including the previously noted bear market resistance band. He believes that this trend has weakened market doubts about the effectiveness of this indicator.

He also pointed out that currently Bitcoin only needs to break through a few remaining key resistance zones to further confirm the start of a bull market cycle. He stated that the current market is in a transition phase from a bear market to a bull market.

It is crucial to focus on three price levels at the moment: $71,500, $78,000, and $82,000. Among them, $71,500 is the most critical current resistance level. If BTC can effectively rise above this area or achieve a weekly closing breakthrough, it will confirm a key breakthrough. The $78,000 region also requires a breakthrough, and once the $82,000 area is breached, the upward potential of the bull market will further unfold.

Furthermore, the market recently witnessed one of the largest Bitcoin short liquidation events in history, as some investors missed the opportunity to position themselves earlier due to believing in the four-year cycle or anticipating a pullback in August.