Analyst: BTC bottom is $60K, bear market is already over

Crypto analyst Michaël van de Poppe stated on X that Bitcoin's overall trend remains bullish and that the bear market has already concluded. He noted a recurring historical pattern where, after a bear market ends, Bitcoin rallies to its 50-week moving average (MA) before undergoing a correction. With the 50-week MA currently around $93,000, he believes there is still room for further upside. Van de Poppe also pointed out that, with the exception of the 2022 FTX collapse, most market bottoms have formed near the 200-week MA. Therefore, he considers the bear market to have ended with the $60,000 level reached in February. He concluded that bearish scenarios have become overly popular and sees no fundamental factors that would push Bitcoin to a new low at present.