Bitcoin $215K Scenario Emerges as BTC Reclaims Key Market Levels

A stronger dollar is the main headwind analysts see, but they argue past dollar rallies have hurt gold far more than Bitcoin. BIT Research published a report on Wednesday arguing that Bitcoin’s bear market is over, with one upside scenario for this cycle running from $185,000 to $215,000. The primary cryptocurrency is trading above $83,000 and looks set to finish its third straight month in the green, pushing quarterly gains to 42%. BIT Calls the Bottom on Holder Profits The firm says it called the cycle low in late July, after Bitcoin hit a downside target from Elliott Wave analysis and held above $62,900. Weekly RSI, a gauge of how hard prices are falling, stopped dropping in June and July even as price made new lows, a split the report compares to the 2022 bottom. BTC then crossed its 21-week moving average at $69,272 and reclaimed $70,000. It now trades around $83,000, above its March 2024 high of $73,084. The report leaned on cost basis, with the True Market Mean, the estimated average price holders paid, sitting at $76,897, so the typical holder and the average spot ETF buyer are back in profit; therefore, in the analysts’ view, this removes a source of selling pressure. Anot...