Prominent Trader: If Bitcoin Holds Above $78,700 on the Weekly Chart, It May Confirm the Start of a New Bull Market

BlockBeats news, September 20: Renowned trader Doctor Profit stated that Bitcoin has broken above its 50-week moving average (MA50), currently located at approximately $78,700. If it can hold above this average by the weekly close, he will view it as a confirmation signal for the start of a new bull market.

The current price action is similar to the 2022-2023 structure: after being capped for several consecutive weeks and experiencing a "bear trap," Bitcoin has reclaimed the 50-week moving average. He noted that historically, Bitcoin has broken below and then reclaimed the 50-week moving average a total of 7 times, with 5 of those leading to bull markets, while the other two formed fake breakouts in 2011 and 2020, respectively.

He stated that Bitcoin is still within the $71,000 to $82,000 range, and a breakout above the $82,500 to $83,000 zone would constitute a stronger confirmation; reclaiming the 50-week moving average means the aforementioned breakout could occur in the coming days. His personal strategy remains unchanged: he will continue holding spot positions and target $88,000 after the remaining resistance is broken.