Bitcoin’s 90-Day Advance Resembles Bull-Market Rally, Not Bear-Market Bounce: Analysis

Bitcoin has extended its upward run for 90 days, in a move that analysts say differs from past bear-market patterns.

Cointelegraph reported on May 22 that trader Matthew Hyland wrote on X, formerly Twitter, that the current Bitcoin rally resembles a bull-market advance rather than a bear-market bounce.

Bitcoin has never sustained an uptrend for more than 89 days during a bear market, Hyland wrote. A breakout above long-term resistance also mirrors the early stages of previous bull markets.

Bitcoin fell below $60,000 in late February, its lowest level since the end of last year. It then rebounded and recently climbed to around $83,000.

Those characteristics are consistent with a bull-market rally rather than a typical bear-market rebound, Hyland added.

Still, more gains may be needed to confirm a return to a bull market. Analyst Filbfilb said Bitcoin must reclaim the $88,000 to $90,000 range, the weekly Supertrend resistance zone, for that shift to be confirmed.

As of 6:22 p.m. on May 22, Bitcoin traded at $77,216, down 0.84% from a day earlier, according to CoinMarketCap.