Bitcoin surged 25% in a week, nearing $80,000, as analyst Doctor Profit identified $71,000 as strong support and $78,500 as the next major resistance. The analyst stated that the bear market has ended and BTC has entered a “Soft Bull Market.” A break above $78,500 could lead to a move toward $82,000. Doctor Profit noted that much of the rally came from short sellers being forced to close positions, not from new leveraged longs. He compared the current psychology to the 2023 pattern of fear, disbelief, short squeezes, corrections, and eventual expansion. Ali Martinez observed that a similar weekly surge occurred in 2019 and January 2023, suggesting a potential new bull market.
Bitcoin gained 25% last week, approaching $80,000 as the rally gained momentum. One analyst now believes the bear market has ended and BTC has entered a “Soft Bull Market.”
Doctor Profit identified $71,000 as extremely strong support and $78,500 as the next major resistance. He explained that everything between those levels is “noise.” While a retest of $71,000 is possible, the analyst does not expect it to be necessary.
A break above $78,500 could help Bitcoin move toward approximately $82,000. Doctor Profit expects the “Soft Bull Market” to turn into a full bull market escalation once Bitcoin breaks $82,000 with strength.
The analyst pointed to BTC’s reaction around $60,000 as evidence that significant capital is ready to enter when fear returns. He stated, “Bulls showed that they are ready to deploy size when fear appears, while everyone waiting for $50K, $40K or some magical four-year-cycle bottom was left watching the market move without them. And personally, I doubt the market will now be generous enough to give the majority another clean opportunity below $71K.”
Addressing overbought concerns, Doctor Profit said the weekly and monthly RSI remain in neutral regions. He noted that much of the recent move came from shorts being forced to close, meaning “bears became buyers against their will.”
A similar pattern played out in 2023, when BTC climbed from around $16,000 to $25,000, gaining about 56%, before correcting roughly 22% toward $19,000. Fear and Greed then reached extreme fear levels, and many holders panic sold.
Bitcoin quickly reversed and surged from approximately $19,000 to $30,000, a move of almost 60%. Doctor Profit explained that the comparison is less about exact price patterns and more about recurring psychology: fear, disbelief, short squeezes, corrections, panic, capitulation, and eventual expansion.
For Ali Martinez, Bitcoin’s latest weekly surge could be an early sign of a new bull market. In 2019, the crypto gained almost 32% in one week, while in January 2023, BTC jumped 25% after the FTX collapse, despite deeply bearish sentiment. Martinez is now seeing a similar setup, as many traders were expecting a market bottom in October based on the four-year-cycle theory.
