BIT Sees Path to $215K Bitcoin as BTC Reclaims Key Levels

Bitcoin's price has reclaimed key market levels, and analysts at BIT Research believe that the bear market is over. According to their report, a scenario for this cycle could see Bitcoin reach as high as $215,000, but with significant uncertainty around timing.

The firm says it called the cycle low in late July, after Bitcoin hit a downside target from Elliott Wave analysis and held above $62,900. The weekly RSI, which measures the speed of price changes, stopped dropping in June and July even as prices made new lows, similar to the 2022 bottom.

BTC has now crossed its 21-week moving average at $69,272 and reclaimed $70,000, trading around $83,000. BIT's debt model gives a reference valuation near $105,000, but the main headwind is a stronger dollar, which traders are pricing in due to expected Fed rate hikes.

The analysts do not expect this to derail the rally, as past dollar strength has hurt gold more than Bitcoin. Historically, price has kept rising after crossing 85% above the average holder's cost, but there's no guarantee that repeats. If the multiple shrinks to 1.3 to 1.5 times on a $142,000 base, the result is $185,000 to $215,000.