[Renowned Trader: Bitcoin May Officially Confirm a Bull Market if It Reclaims $69,500] BlockBeats News, August 16 — Renowned trader Killa posted that Bitcoin has currently returned above the Mayer Multiple level of 0.8, after previously dropping below this level. He noted that BTC briefly fell below this level in 2022 but later reclaimed it. Killa stated that the true confirmation signal in 2022 came when Bitcoin reclaimed the 200-day moving average, which subsequently marked the start of the bull market. Currently, BTC's 200-day moving average is approximately $69,500. He believes the next step is to wait for Bitcoin to break through and stabilize above the 200-day moving average; once this is achieved, the market can be considered to have officially transitioned into a bull market. [Original Link]