BIT Research published a report on Wednesday arguing that Bitcoin’s bear market is over, with one upside scenario for this cycle running from $185,000 to $215,000. The primary cryptocurrency is trading above $83,000 and looks set to finish its third straight month in the green, pushing quarterly gains to 42%. 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. BTC now trades around $83,000, above its March 2024 high of $73,084. In past cycles, Bitcoin climbed at least 85% above the average holder’s cost, which is about $142,000 today, giving a target range of $185,000 to $215,000.
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