Famous trader: If Bitcoin stabilizes above $78,700 on the weekly chart, it may confirm the start of a new bull market

Renowned trader Doctor Profit posted on platform X, stating that Bitcoin has broken through the 50-week moving average (MA50) currently located at around $78,700. If it can maintain above this average by the end of the week, he will view this as a confirmation signal for the start of a new bull market. The current trend is similar to the structure from 2022 to 2023: Bitcoin has re-established itself above the 50-week average after being blocked for several weeks and experiencing a "bear trap."

He pointed out that historically, Bitcoin has fallen below and then reclaimed the 50-week average 7 times, with 5 of those instances leading to a bull market, while the other two in 2011 and 2020 formed false breakouts. He noted that Bitcoin is currently still in the range of $71,000 to $82,000, and breaking through the $82,500 to $83,000 area would provide stronger confirmation; re-establishing above the 50-week average suggests that the aforementioned breakout may occur in the coming days. His personal strategy remains unchanged, as he will continue to hold spot positions and target $88,000 after overcoming the remaining resistance.