[Renowned Trader: If Bitcoin Holds Above $78,700 on the Weekly Chart, It May Confirm the Start of a New Bull Market] BlockBeats News, September 20 – Renowned trader Doctor Profit stated that Bitcoin has broken above the 50-week moving average (MA50), currently around $78,700. If this week's closing price remains above this moving average, he will consider it a confirmation signal for the start of a new bull market. The current trend is similar to the structure observed from 2022 to 2023: Bitcoin faced resistance for several consecutive weeks, experienced a 'bear trap,' and then reclaimed the 50-week moving average. He pointed out that historically, Bitcoin has fallen below and then reclaimed the 50-week moving average seven times, five of which led to bull markets. The other two instances, in 2011 and 2020, resulted in false breakouts. He noted that Bitcoin is currently trading within the $71,000 to $82,000 range, and breaking through the $82,500 to $83,000 zone would provide stronger confirmation. Reclaiming the 50-week moving average suggests that such a breakout could occur in the coming days. His personal strategy remains unchanged: he will continue to hold spot positions and target $88,000 after the remaining resistance levels are broken. [Original Link]