In recent days, Bitcoin and altcoins have experienced significant growth. Bitcoin, which started the week around $63,000, continued its rapid rise, climbing above $79,000.
Since August 19, the value of $BTC has increased by approximately 23%, largely attributed to short liquidations and increased demand on spot markets.
This rally has brought positive sentiment back to the market, while some analysts claim the bear market may have ended.
Has the Bitcoin Bear Market Really Ended?
Accordingly, CryptoQuant CEO Ki Young Ju asserts that the Bitcoin bear market has, in fact, ended.
The well-known CEO stated that Bitcoin's recent recovery indicates the market remains strong and the $BTC trend is robust, suggesting the bear market may indeed be over.
Ju also added that in a bear market, such a recovery is often seen as a sign that a bottom has been reached.
However, Ju noted that a short-term correction is still possible, adding that the resilience of the current price movement is a positive signal for Bitcoin.
"$BTC looks strong here. Similar rallies in bear markets typically signal a bottom has been reached."
We might see a small pullback, but the bear period is mostly over.
In addition to the CryptoQuant CEO, Jack Yi, founder of LD Capital, also assessed the situation as the official end of the Bitcoin bear market.
Jack Yi, in a statement from his X account, noted that $BTC has clearly crossed the 120-day and 200-day moving averages on the daily chart, as well as the 20-week moving average on the weekly chart, concluding that the bear market has officially ended.
Yi stated that the price increase could continue for another two weeks, but a correction is likely after that.
At this stage, Yi stated that Bitcoin's approximately 56% drop from $126,000 to $57,000 represents the final low, and a return to the $50,000 level is unlikely. However, maintaining his bullish stance, Yi warned investors, especially those using leverage to open long positions, of the risk of a potential correction.
*This is not investment advice.
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