'It's crypto spring': 4 reasons bitcoin is surging above $85,000

The signal bitcoin investors have been waiting for may finally be here.

After months of losing, market pros say bitcoin could finally be back on a long-term uptrend, with the cryptocurrency seeing a sharp rally in the last week as digital asset investors piled back in from the sidelines.

The token, which had plunged as low as $59,000 this year, surged another 5% on Monday, topping $85,000. It's the first time bitcoin has surpassed the level since late January, around the time its sell-off began in earnest.

To investing experts, it's the latest sign that the monthslong crypto winter may finally be over.

"It's crypto spring, the crocuses are blooming," Matt Hougan, the chief investment officer of Bitwise Asset Management, said, speaking to CNBC on Monday. "I think this will actually be the strongest and longest-running bull market in crypto's history," he added.

Speaking to The Block at a summit in New York last week, Zach Pandl, the head of research at the crypto firm Grayscale, also said bitcoin's "bear market phase" was likely over, with the token having hit a cycle low around the $58,000 mark in late June.

"We are certainly giving the green light to our clients," Pandl said at the event.