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Bitcoin traded as high as $73,000 after a 9% price rally over the past week. Despite the rebound, the broader market picture suggests the leading cryptocurrency remains in a bear phase that has persisted for more than six months. Historical patterns cited in the article indicate the recent move could still set up a significant bullish rebound, potentially offering investors a mid-term to long-term relief period.
The article points to similar market behavior in prior cycles:
According to Martinez, the historic ascending trend line currently runs between $56,000 and $60,000, roughly 20% below the current market price. The article also notes that the present cycle low is around $60,000, which Bitcoin formed during an intense sell-off in early February.
In Martinez’s latest post, the market would likely need to return to this $60,000 bottom to end the bear market and begin a long-term recovery.
The article adds that Bitcoin’s contact with the Parabolic Guard could slow “smart money” accumulation as participants anticipate the next price surge.

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