Bitcoin (BTC) surges past $83,000... Galaxy Head says 'bear market bottom is over'

▲ Bitcoin (BTC)/AI generated image

Bitcoin (BTC) has reclaimed its 50-week moving average for the first time in 45 weeks, surpassing the $83,000 mark. Analysis suggests that it has solidified the bottom of a long-term bear market and entered a new bull phase.

According to CoinGape on September 21 (local time), Bitcoin surged approximately 8% on a weekly basis, trading around $83,767. It easily broke through the key resistance level of $82,200. On the chart, it demonstrated upward momentum by instantly breaking above the resistance line of a double-bottom pattern, which reverses a downward trend into an upward one.

Alex Thorn, Head of Research at Galaxy Digital, pointed out that Bitcoin closed its weekly candle above the 50-week moving average of $78,786. This marks the first time Bitcoin has settled a weekly candle above the 50-week moving average in 45 weeks since November 2025. Thorn explained that historically, a breakout above this moving average has been a decisive indicator confirming the final bottom of a bear market.

On-chain indicators also showed signs of entering an early bull market. According to Glassnode data, the adjusted SOPR indicator (7-day moving average) surpassed the breakeven point of 1.00. This signals that strong new buying pressure is absorbing profit-taking sell-offs. Bitcoin has shown a sharp recovery from its low, rising approximately 29% over the past 35 days. Experts suggest the next target price of $88,000 if the $82,500-$83,000 support level is firmly established.

However, macroeconomic events and a slowdown in supply and demand within the US market are cited as variables. Richmond Federal Reserve President Thomas Barkin is scheduled to deliver official speeches on the 22nd and 24th. This will be the first public statement by a key Federal Reserve (Fed) official since the interest rate hike on September 16. According to CryptoQuant, the Coinbase Premium has turned negative, indicating a slight slowdown in spot buying intensity among US investors, which is also considered a short-term burden.

After 45 weeks, Bitcoin surpassed its 50-week moving average, broke through the double-bottom pattern resistance, and reached the $83,000 mark. The monetary policy statements from senior Fed officials and whether the Coinbase Premium rebounds are expected to determine the path to reaching $88,000.

[Article Key Summary]

-Bitcoin (BTC) reclaimed its 50-week moving average ($78,786) and broke through $83,000 for the first time in 45 weeks.

-Alex Thorn, Head of Galaxy Digital, evaluated that settling above the 50-week line has historically been a signal of a bear market bottom.

-With Glassnode indicators improving and a forecast of $88,000, speeches by Fed officials are considered a short-term watershed moment.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*