Bitcoin reclaimed its 50-week moving average and broke out toward $82,500-$83,000, a pattern analyst Doctor Profit says echoes Bitcoin's 2022-2023 market structure. He has set $88,000 as the next target once remaining resistance clears, while another commentator points to a separate 364-day cycle pattern.
Bitcoin's reclaim of its 50-week moving average has set up a rally that analyst Doctor Profit says is not over. He has set $88,000 as his next target once remaining resistance clears.
Bitcoin Retests a 2022-2023 Pattern
The 50-week moving average currently sits near $78,700. Bitcoin recently pushed past that level and was trading near $85,000 at the time of writing. The move followed an explosive rally on Monday that took Bitcoin to an eight-month high above $84,000.
Doctor Profit's view stems from Bitcoin's 2022-2023 market structure, when the asset faced several rejections around the moving average before eventually clearing it. Therefore, the analyst said a weekly close above the moving average would strengthen his bullish view. According to Doctor Profit, bears interpreted the recent weakness as confirmation of another collapse, but the market reversed instead. The latest move puts the focus on the start of the next bull market phase, which analysts have been speculating about lately.
Bitcoin broke below the MA50 Weekly and then reclaimed it seven times. Five of those instances were followed by bull markets, while two became false signals. One false signal came in 2011, when Bitcoin had virtually no liquidity. The other occurred in 2020, during the COVID-19 crash.
A Bolder Target Points to a 364-Day Cycle
Another market commentator, Crypto Patel, believes Bitcoin could be repeating a historical cycle. Crypto Patel flagged a 364-day gap between Bitcoin's 2017 peak and 2018 bottom. A similar 364-day gap separated the 2021 peak and 2022 bottom. According to Crypto Patel, the 2025 peak to 2026 bottom also appears to follow the same timing.
Source: CryptoPotato
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