Bitcoin, Mid-Bear Market?...Analyst Says "Clear Flaw Exists"

▲ Bitcoin (BTC)

An analysis suggests that Bitcoin (BTC) may have already formed a bottom around $60,000 in February. While some market participants are comparing the current trend to the mid-bear market phase, crypto analyst Matthew Hyland drew a line at the possibility of further lows, citing the simultaneous appearance of multiple bottom signals at that time.

Cointelegraph reported on May 8 that Hyland stated via X (formerly Twitter), “Dozens of bottom signals have only lit up simultaneously at the bottom, not in the middle phase.” He claimed that these signals appeared simultaneously when Bitcoin reached the $60,000 level in the first quarter of this year, and that there is a “clear flaw” in comparing the current price trend to past mid-bear markets.

Market analysts are divided on whether Bitcoin already hit its low around $60,000 in February. Veteran trader Peter Brandt suggested in March that Bitcoin might not have yet recorded its 2026 low, mentioning the possibility of retesting that price level or going slightly lower in September or October of this year. Bitcoin analyst Willy Woo also stated on March 17 that from a liquidity perspective, Bitcoin is about one-third of the way through its bear market.

On the other hand, Michael van de Poppe, founder of MN Trading Capital, viewed the bear market phase as nearing its end, based on patterns forming in Bitcoin's short-term and long-term realized value ratio charts. He stated on X the same day, “Reaching that level again indicates being at the end, not the beginning, of a bear market.”

Bitcoin recently surged to $82,499, marking its highest level in approximately three months since January 31. This represents a significant rebound compared to the $60,000 level in February, leading to arguments in the market that there is still short-term upside potential. Bitcoin analyst Kyle Chasse noted that Bitcoin hit $82,000 this week and rose 5% in five days, citing the US Congress's moves toward cryptocurrency legislation and the easing of risk-aversion pressure due to Iran's peace negotiations as background.

Chasse also assessed the technical trends, stating that moving averages show a bullish alignment and that buying pressure is emerging due to short position liquidations or covering. He presented $85,000 as the next resistance level, suggesting that surpassing it could reopen the path towards $100,000.

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