Bitcoin may have entered a fresh bull market, with some analysts arguing the latest price recovery is part of a broader move higher, while others suggest BTC could still be in a bear market. The shift in sentiment comes as Bitcoin has held firm after rebounding above $70,000 to over $78,000.
Analysts backing this outlook point to improving market structure, a potential bottom, and growing signs that buyers are regaining control. They believe these conditions support the case that Bitcoin could continue rising as momentum builds and confidence returns to the market.
Bitcoin Strength Suggests Fresh Bull Market Cycle
Bitcoin’s recovery above $60,000, its lowest price after reaching an ATH in 2025, has strengthened the argument that a new bull market may already be underway. In a direct statement to Sherwood, Ishmael Asad, a research analyst at Bitwise, said that Bitcoin is “clearly now in a bull market phase.” He highlighted BTC’s strength, noting that its ability to rise even amid major bearish events is a sign it has entered a bullish phase.
Another key driver behind this bullish view is the latest macro backdrop, including easing geopolitical tension and shifting market sentiment. Wave Digital Assets head of international portfolio management Rajiv Sawhney also told Sherwood that Bitcoin’s recent upward move is a sign of market relief following developments around the Iran ceasefire extension. He explained that this reduced tension has helped risk assets like Bitcoin push higher as investors price in a more stable outlook.
At the same time, trading sentiment and Spot ETH demand have improved slightly, with investors now showing more interest in risk assets. The Bitcoin Fear and Greed Index has also moved back into the greed zone, reflecting stronger buying interest and improved investor confidence. This change is a stark contrast from the level just a few weeks ago, when the market was in extreme fear territory and BTC’s price largely traded sideways.
Analyst Says BTC Bottom Signals New Bull Market
In a separate analysis, Grayscale Head of Research Zach Pandl stated that Bitcoin may have already established a bottom near $60,000. When a cryptocurrency reaches its final price floor for a particular cycle, it is often seen as the clearest signal that the asset has begun or could soon start a fresh bull market.
Pandl pointed out that a durable base has formed around the $63,000, adding to expectations that the downside may have concluded. He noted that since reaching that level, BTC has rallied by more than 20% and surpassed the $76,000 level.
The Bitwise analyst said that market experts often track Bitcoin’s “realized price,” which reflects the average price at which coins were last moved on the blockchain. For coins traded in the past one to three months, this level is around $74,000, meaning many recent buyers have reached “break even” after BTC’s latest price recovery.
