Has Bitcoin's bear market bottomed out? Next target: $95,000?

▲ Bitcoin (BTC) Rise/AI Generated Image ©

Amid analyses suggesting that Bitcoin has already passed its bear market bottom, the market is now focusing on whether it will break through $88,000 and $95,000.

According to crypto-specialized media Finbold on May 10 (local time), crypto analyst Michael van de Poppe presented $86,000-$88,000 and $93,000-$95,000 as key resistance zones that will determine Bitcoin's (BTC) next direction. In particular, the second zone overlaps with the 50-week moving average (MA) and was analyzed as an area with a high possibility of strong selling pressure.

Van de Poppe explained that in the 2017, 2021, and 2024 cycles, Bitcoin formed a full-fledged upward trend after repeatedly encountering resistance near previous support levels or the 50-week moving average during its initial rebound. Currently, a similar pattern is repeating. Bitcoin is currently below the 50-week moving average, while the 200-week moving average is analyzed to be acting as a long-term support level in the early $70,000 range.

He predicted that Bitcoin is likely to consolidate sideways below resistance for some time. He explained that in the past, after prolonged sideways movements, there were periods where altcoins showed relative strength. Van de Poppe diagnosed that while there remains a possibility for Bitcoin to retest the $70,000-$75,000 range, the bottom of the overall bear market has already been formed.

On-chain indicators also supported the long-term bullish outlook. Analyst Ali Martinez stated that approximately 7,400 BTC left exchanges in the past week. This is interpreted to mean that investors are choosing long-term holding over short-term selling. Currently, Bitcoin held on exchanges has decreased to approximately 2.675 million BTC, and historically, a decrease in exchange balances has often reduced market selling pressure and coincided with bullish trends.

At the time of writing, Bitcoin was trading at $80,780, up approximately 0.5% over 24 hours. Over the past three months, BTC has recovered from around $63,000 to the $80,000 range, but it is still low compared to this cycle's high of over $125,000. Finbold analyzed that if inflows into Ethereum spot ETFs and improvements in technical indicators continue, Bitcoin is likely to attempt to break through $85,000.

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