Bitcoin Spikes Above $80,000 as Fidelity Remains Cautious About Bear Market's End

Bitcoin's price surged to an intraday high of $82,108 before easing back down to trade near $81,050. This represents a 4.5% increase over the past 24 hours, according to CoinGecko data.

This move extends the rally that began in August, with Bitcoin logging its strongest monthly gain since November 2024. Ether (ETH) and Solana (SOL) also saw significant gains over the same period.

Fidelity Digital Assets' Chris Kuiper notes that low volatility often precedes a sharp upward move, which is roughly what occurred from June to late August. Some traders are also watching the four-year cycle theory, which suggests that bear-market bottoms have historically landed about four years apart. However, Kuiper cautions that this pattern has never repeated on a precise schedule and should not be used to time entries.

Not everyone agrees with Fidelity's cautious view, as some analysts argue that the downturn may already have ended in August. Eric Crown has argued that adoption of digital assets has happened in waves, which can perpetuate cycles. Kuiper also points out that recent negative headlines, such as a hardware wallet security incident and the stalled CLARITY Act, failed to drag prices lower, indicating that sellers may be running low on room to push the market down.