BIT Sees $215K Target for Bitcoin as Bear Market Ends

BIT Research published a report on Bitcoin's bull market, arguing that the bear market is over. According to the firm, Bitcoin reclaimed key market levels and is trading above $83,000.

The report notes that past dollar rallies have hurt gold more than Bitcoin, suggesting that this time may be different. The analysts point out that US federal debt has passed $40 trillion, and rising Treasury yields can send money toward gold and BTC.

BIT's market watchers also considered the fact that the True Market Mean, an estimated average price holders paid, sits at $76,897. This means that typical holders and the average spot ETF buyer are back in profit, removing a source of selling pressure.

The report suggests that Bitcoin could reach $215,000, based on past cycles where the asset climbed at least 85% above the average holder's cost. Historically, price has kept rising after crossing this level, but there is no guarantee it will repeat itself.