Analyst Questions Bitcoin Bear Market Amid $79K BTC Price
Joerg Hiller May 09, 2026 13:59
Crypto analyst Matthew Hyland suggests Bitcoin may be nearing the end of its bear market, with signals pointing to a potential bottom at $60,000.
Bitcoin’s (BTC) rally to $79,646 has reignited debate among analysts about whether the cryptocurrency is nearing the end of its bear market. Crypto analyst Matthew Hyland argues that Bitcoin may have already bottomed in February at $60,000, citing synchronized chart signals typically seen at market cycle lows.
In a recent post on X (formerly Twitter), Hyland stated, “The dozens of bottom signals only flashed in synchrony at the bottoms. They were not flashing in the middle. Yet they all flashed in Q1 2026 at 60k.” He criticized comparisons of current price action to mid-bear market phases, pointing out that prior cycles didn’t exhibit similar bottom signals during downturns.
Disagreement Among Analysts
The broader crypto analyst community remains divided. Veteran trader Peter Brandt has warned that Bitcoin could revisit $60,000 or dip slightly lower later this year, potentially in September or October. Meanwhile, Willy Woo estimated in March that Bitcoin was only one-third of the way through its bear market based on liquidity metrics.
Supporting Hyland’s optimism, Michael van de Poppe, founder of MN Trading Capital, highlighted a key pattern on Bitcoin’s short-to-long-term realized value ratio chart. He argued that the data suggests Bitcoin is “at the end of the bear market, and not at the start.”
Bitcoin Hits Three-Month High
Adding fuel to the discussion, Bitcoin surged to $82,499 on May 6, marking its highest price since January 31. At press time, BTC is trading at $79,646, up 32.74% from its February low of $60,000, according to CoinMarketCap.
Crypto analyst Kyle Chasse noted the recent price momentum, attributing it to a mix of technical and macroeconomic factors. “$82,000 this week. Up 5% in five days. Crypto legislation is moving through Congress. Iran peace talks reducing risk-off pressure,” Chasse wrote on X. He added that Bitcoin could face resistance at $85,000, but surpassing that level might pave the way for a move toward $100,000.
The debate over Bitcoin's market trajectory underscores the uncertainty in crypto markets, where technical indicators, macroeconomic trends, and sentiment often collide. Traders will likely keep a close eye on BTC’s price action in the coming months as it tests key support and resistance levels.
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