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▲ Bitcoin (BTC)/AI Generated Image
An analysis suggests that Bitcoin (BTC) may have already hit rock bottom around $60,000 in February of this year. While some market participants interpret the current trend as the middle of a bear market, cryptocurrency analyst Matthew Hyland refuted this claim, stating that it is structurally incorrect when compared to bottom signals from past cycles.
According to Cointelegraph on May 8 (local time), Hyland stated in an X (formerly Twitter) post that dozens of bottom signals appeared simultaneously when Bitcoin reached $60,000 in Q1 2026. He said, “Dozens of bottom signals only appeared simultaneously at the bottom. They did not appear in the middle. But all signals appeared at $60,000 in Q1 2026.”
Hyland pointed out a “major visible flaw” in comparing the current price trend to the middle of a bear market. He cited that in past cycles, bottom signals appeared near the actual bottom, not in the middle of a bear market. This suggests he places more weight on the possibility that Bitcoin has already passed its February bottom rather than the possibility of it lowering its lows again.
However, market opinions are divided. Veteran trader Peter Brandt said in March that Bitcoin might not have confirmed its 2026 low yet. He predicted that Bitcoin could retest $60,000 or fall slightly below that price in September or October of this year.
Bitcoin analyst Willy Woo also stated in an X post on March 17 that from a liquidity perspective, Bitcoin is about one-third of the way through its bear market. This is a different perspective from Hyland's early bottom theory.
Conversely, some analyses suggest that the bear market is nearing its end. Michael van de Poppe, founder of MN Trading Capital, argued that based on the pattern forming in Bitcoin's short-term versus long-term realized value ratio chart, the bear market is closer to its end than its beginning. He said, “The fact that we have reached that zone again shows that we are at the end, not the beginning, of a bear market.”
Bitcoin recently recorded its highest price in three months. Cointelegraph reported that Bitcoin rose to $82,499 on Wednesday, its highest price since January 31. At the time of writing, Bitcoin was trading at $79,646, which is approximately 32.74% higher than the $60,000 recorded in February.
Short-term bullish sentiment also continued. Bitcoin analyst Kyle Chasse noted in an X post that Bitcoin hit $82,000 this week, rising 5% in five days. He analyzed that discussions on cryptocurrency legislation are ongoing in the U.S. Congress, and Iran peace talks are reducing risk-off pressure.
Chasse also positively assessed the technical trends. He explained that moving averages show a bullish alignment and short positions are under pressure. He added that the next resistance level is $85,000, and if that level is surpassed, the path to $100,000 will reopen.
The Bitcoin market has entered a phase where the $60,000 bottom theory and the possibility of further declines clash. Hyland refuted the mid-bear market theory based on the simultaneous appearance of bottom signals, while Brandt and Woo raised the possibility of further declines or an ongoing bear market. The recent rebound to $82,499 has bolstered bullish sentiment, but breaking above $85,000 remains a key turning point for the short-term trend.
*Disclaimer: This article is for investment reference only, and we are not responsible for investment losses based on it. The content should be interpreted for informational purposes only.*
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