Bitcoin Just Hit a Seven-Month High. The Analyst Calling the Bottom Expects a Pullback

Bitcoin (CRYPTO: BTC) surged 11% over the past week, hitting a seven-month high, as analyst Kevin Capital pointed to a series of higher-timeframe technical signals suggesting the bear-market bottom is likely in.

He now assigns a 90%-95% probability that Bitcoin’s roughly $60,000 low marked the cycle bottom, up from his previous 70% estimate.

However, he expects a pullback after the latest breakout.

Why BTC Bull Market Is Here?

In a podcast on Sep.21, Kevin pointed to Bitcoin breaking above the daily moving averages that capped price throughout the bear market, followed by consolidation and another move higher.

He also highlighted a golden cross that occurred more than 300 days into the bear market and a bullish two-week MACD crossover.

Kevin said similar signals in previous cycles appeared after Bitcoin’s lows were already established.

Bitcoin has also closed above its 50-week moving average, broken its previous lower-high structure and moved through the $85,000 (0.5) Fibonacci level.

"The bottom is obviously in," Kevin said, adding that it would take a major shock to invalidate the developing trend.

Is $100,000 Bitcoin Next?

Kevin sees “plenty of juice in the tank” if Bitcoin holds its latest higher-timeframe breakout.