Famous trader: If Bitcoin rises above $69,500 again, it may officially confirm a shift to a bull market

Renowned trader Killa posted that Bitcoin has currently returned above the Mayer multiple of 0.8, after previously dipping below this level. He pointed out that in 2022, BTC also briefly fell below this level, only to recover afterwards.

Killa stated that the real confirmation signal in 2022 came when Bitcoin regained the 200-day moving average, after which the bull market began. Currently, BTC's 200-day moving average is approximately $69,500. He believes that next, we just need to wait for Bitcoin to break through and stabilize above the 200-day moving average; once this action is completed, the market can be considered to have officially turned into a bull market.