Bitcoin Reclaims Major Levels Signaling 80% Confirmation of Market Bottom, According to Analyst

Bitcoin (BTC) is reclaiming several key technical levels that historically signal the end of bear markets.

The pseudonymous analyst Skyodelic says strong points already reclaimed include the $67,000 local structure, $74,400 higher-timeframe structure, the 1D 200 SMA (simple moving average) plus EMA (exponential moving average), the one-week 50EMA, and the one-day RSI (relative strength index) hitting 85-plus.

Remaining hurdles for full confirmation include a weekly close above the 1W 50SMA at $82,000, the 1W Supertrend at $79,000, a higher low above $82,700, and a monthly higher high above $76,463.

“At this stage, Bitcoin has put in 80% of the data needed to confirm the low. However, for this low to be undeniable, we need to close above $82,700.”

If Bitcoin punches above $82,000 this week, the analyst predicts it could move quickly toward $90,000, while chopping below that level could allow a maximum drop to $75,000 before a key breakout.

“Securing a monthly close in the days above $76,463 increases the probability greatly that the low is confirmed.

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