On Aug. 21, BlockBeats reported that trader Doctor Profit said Bitcoin’s recent rise through several major resistance zones shows the bear market is over and the market is now in the early stage of a bull run.
He said BTC broke through 4 to 5 complete bear-market resistance zones in a single day, including the bearish resistance band he had been watching. In his view, that move also weakened doubts about the indicator’s usefulness.
Doctor Profit said only a few key resistance zones remain in front of Bitcoin, and a clean break through them would further confirm that a bull cycle has started.
He pointed to three price areas that now matter most: $71,500, $78,000 and $82,000. Of those, $71,500 is the most important resistance level right now. If BTC can hold above that area, or print a weekly close above it, he said that would complete a key breakout confirmation.
The $78,000 zone also needs to be cleared, he added. A break above $82,000, in his view, would open up more upside room for the bull market.
Doctor Profit also said the market recently saw one of the largest Bitcoin short liquidation events on record. He said some investors missed their chance to position because they believed in the four-year cycle or expected a pullback in August.