Trader: Bitcoin Weekly Close Above $78,700 Could Confirm New Bull Market

Trader Doctor Profit stated on X that Bitcoin has surpassed its 50-week moving average (MA50) at approximately $78,700. A weekly close above this level could signal the start of a new bull market, mirroring structural patterns from 2022-2023. While Bitcoin remains in the $71,000 to $82,000 range, the trader noted that breaking above $82,500-$83,000 would provide stronger confirmation. The trader maintains a spot-holding strategy with an initial target of $88,000.