Bitcoin climbed about 5% in nearly two hours on Sept. 21 after the U.S. premarket session opened, moving quickly from $81,000 to above $85,000, according to BlockBeats.
Before the sharp move, several traders and analysts had already been arguing that the crypto bear market was over. BlockBeats compiled their latest views.
Several market voices had turned bullish before the rally
In late August and early September, whale trader "Set 10 Big Targets First" said that if Bitcoin could hold above $80,000, it would then be on track for $100,000, calling it the "last chance" to get on board. The trader also said, "Even buying back at $80,000 or above $80,000 is not too late in my view. There is still room. $100,000 will most likely be reached earlier than I originally expected."
Well-known trader Doctor Profit said yesterday that Bitcoin had broken above the 50-week moving average, or MA50, then sitting at about $78,700. He said that if Bitcoin can close this week above that line, he would treat it as confirmation that a new bull market has started. After the remaining resistance levels are cleared, he sees $88,000 as the target.
Galaxy head of research Alex Thorn has recently shared a similar technical-chart view.
PlanB, the analyst often criticized earlier as a permanent bull, posted last week that Bitcoin had moved above the 50-week moving average at about $79,000. He said the next target was the 100-week moving average at about $89,000, and also stated that the bear market had ended.
Some bullish calls were more cautious
Jiang Zhuoer, founder of BTC.TOP mining pool, said he remained long but was more careful in tone. He wrote that Bitcoin could "test the high-resistance zone at 83~84k, and then start a large pullback. But in this pattern, this is not the highest point. I will wait and see, and not short. I am holding a full ETH spot position and waiting for a rise."
Trader Killa has also kept a constructive view in recent commentary. He said data from several Bitcoin bull and bear cycles show that the depth of bear markets has been getting shallower, and that the bottom of this cycle may already be in place. In his view, the scenario expected by some sidelined traders — a drop to $50,000 in October — is now close to impossible.
Killa's latest view is that Bitcoin's next target could be the $88,000 area. If the price quickly falls back below $80,000, it could test $70,000, but based on volume analysis, he said that scenario does not look likely at the moment.