Bitcoin Bull Market Signals Strengthen Above $83K
Bitcoin may have entered a new bull market after recording a weekly close above $83,000, according to analyst David Zanoni. On-chain data also supports the outlook: Bitcoin’s 30-day moving average of the market-value-to-realized-value (MVRV) ratio crossed above its 365-day average near $80,600. Zanoni views this crossover as a potential signal that a new bullish phase has begun. Momentum could remain positive if the MVRV ratio stays at or above 1.0.
The bullish thesis would weaken if Bitcoin forms a lower low. A broad correction in the S&P 500 could also pressure Bitcoin and other risk assets. Zanoni said he is moving from short strategies to bullish positioning, with direct BTC exposure, the IBIT spot Bitcoin ETF and options strategies, or leveraged exposure through MSTR among his preferred approaches.
The analysis is an individual market view, not investment advice. Bitcoin remains exposed to macroeconomic conditions, equity-market volatility and technical invalidation risks.
Bullish
The assessment is bullish because Bitcoin has reclaimed a key weekly level above $83,000 and the MVRV moving-average crossover suggests improving long-term momentum. Similar on-chain crossovers have historically been interpreted as signs of a transition from accumulation to expansion, although they are not reliable timing tools on their own.
In the short term, traders may increase BTC exposure, buy call options or rotate into Bitcoin-linked instruments such as IBIT and MSTR. This could support momentum but may also increase leverage, volatility and the risk of sharp liquidations if Bitcoin falls back below key support. A failure to hold the breakout level, a new lower low or weakness in the S&P 500 would challenge the bullish setup.
Over the longer term, sustained MVRV readings above 1.0 and continued demand for spot Bitcoin products could reinforce the bull-market narrative. However, macroeconomic tightening, equity-market stress and profit-taking could produce significant corrections. The signal is therefore directionally positive, but traders should treat it as confirmation of momentum rather than proof of a risk-free uptrend.