Bitcoin's next test is breaking through the cost base established by new investors ($79,000).
If Bitcoin can maintain this price level above $65,000 without falling, the probability of a structural bottom forming will increase significantly.
Bitcoin is currently attempting to form a bottom, but all indicators are not yet complete, and the next three to six weeks will reveal just how important this is.
Three things happen at the end of a bear market:
1) The price clearly breaks through the cost base for new investors (the circles).
2) Excessive optimism turns into a frantic rush to buy, driven by an insatiable desire to seize opportunities.
3) This leads to a rise in the cost base (the red line turns green).