- Reputed crypto expert reestablishes that the bear market is over.
- He shares his latest BTC market report.
- BTC to break towards the next bull targets at $82,000 and will likely not fall below $71,000.
The crypto market made a spectacular turn the previous week, when the prices of both pioneer crypto and altcoin assets, Bitcoin (BTC) and Ethereum (ETH), turned the tides by rallying their prices. The surge was so powerful that one reputed crypto expert reestablishes that the bear market is over and goes on to share his latest market report explaining what to expect next for the crypto market and especially, the price of BTC.
Reputed Crypto Expert Reestablishes That the Bear Market Is Over
The popular reputed crypto analyst, Doctor Profit, had switched strategies from expecting a BTC bottom at the $40,000 price range to a BTC bottom only as low as $54,000. As soon as he made this prediction, he went on to accumulate BTC between the $54,000 – $64,000 price range, and also went on to accumulate a vast amount of ETH, as he believes ETH will outperform BTC this cycle.
As we can see from the post above, the expert goes on to confirm that Bitcoin’s latest breakout above several extremely important resistance levels, made his position very clear that the bear market is over. He reiterates saying that the bear market has ended, and that Bitcoin has entered what he calls the Soft Bull Market. As for what comes next, he says two price ranges have all his attention.
To highlight, these include $71,000, an area which holds extremely strong support and $78,500, an area that acts as the next major resistance. Everything between these two numbers is noise, he states. He also adds that a retest at the $71,000 price range is possible, but not very likely. He encourages those who accumulated with him to hold and wait out the next move.
He Shares Latest Report for What’s Next
In his opinion, $71,000 is the lowest meaningful region Bitcoin could revisit before continuing higher, while a breakout above $78,500 opens the road toward approximately $82,000. Once $82,000 breaks with strength, the Soft Bull Market turns into a full bull market escalation. The reaction around $60,000 also confirmed something extremely important, that there is serious capital waiting to enter this market.
Bulls showed that they are ready to deploy size when fear appears, while everyone waiting for $50,000, $40,000 or some magical four-year-cycle bottom was left watching the market move without them. Personally, he doubts that the market will now be generous enough to give the majority another clean opportunity below $71,000. On the weekly time frame RSI remains in a neutral region, and the same applies to the monthly time frame.
