A crypto market expert has reported that Bitcoin (BTC) has just formed its most bullish signal amid the ongoing bear market trend. According to the analyst, this technical signal could be the catalyst for a major bullish turnaround, potentially propelling Bitcoin’s price to explosive levels.
Analyst Reveals Bitcoin’s Most Bullish Signal Yet
The Bitcoin price has surged back above $71,000 after briefly declining near $68,000 just last week. While the market continues to experience fluctuating prices and short-term relief bounces, which many experts identify as potential fake outs, technical analyst Crypto Patel has shared a new signal that could lead to a full bullish reversal for BTC.
In a Monday X post, the analyst revealed that BTC has formed an incredibly bullish signal that almost no one in the market is talking about. Sharing a price chart, Crypto Patel noted that BTC has recorded its longest negative correlation with the S&P 500 since 2020. He explained the significance of this correlation, suggesting that Bitcoin is no longer trading like a risk asset.
Crypto Patel also revealed that the roughly 70,000 BTC in Open Interest was recently wiped out during a single liquidation event. This reset market positioning back to April 2025 levels, effectively clearing excess leverage from the system.
Notably, the analyst emphasized that the last time Bitcoin decoupled from the S&P 500, it was followed by a powerful upward rally. Based on this historical trend, his analysis points to a comparable price surge in Bitcoin during this cycle, potentially pushing the cryptocurrency out of its ongoing bear market.
While Crypto Patel maintains a broadly bullish outlook for BTC, other analysts remain significantly bearish. Market expert Lyvo has warned traders and investors on X against turning too quickly bullish after any major Bitcoin-related news.
From a psychological standpoint, he explained that many participants have already accepted the idea that Bitcoin is in a bear market. He attributed this sentiment to the formation of lower highs and continued price declines, which have gradually changed retail sentiment. Despite the cautious outlook, Lyvo acknowledged that the market could still rebound from its current downtrend. However, he also noted that if Bitcoin continues dumping, it could push the market closer to its next bullish phase.
Analyst Shares BTC Long-Term Price Forecast
For his long-term outlook, Crypto Patel has projected that Bitcoin could reach an ambitious price target of $600,000 by 2029. He has shared a potential roadmap for achieving this milestone, using past cycle trends to support his bold forecast.
According to the analyst, BTC surged to an ATH of about $68,991 in the last cycle before crashing roughly 77% to $15,470, marking a final bottom. He believes a similar trend could unfold this cycle, noting that Bitcoin hit a peak above $126,000 in October 2025 and could form its next cycle bottom around the same month in 2026.
He further highlighted that the 0.5-0.618 Fibonacci Retracement level near $50,000-$35,000 on the price chart could be a major accumulation zone once BTC bottoms. Following this potential price floor, the analyst expects Bitcoin to stage a powerful rally and potentially hit a cycle peak between $500,000 and $600,000 sometime between September and October 2029.
