Bitcoin (BTC) has clawed its way back toward $87,000 after testing major weekly support around $80,000, showing some early signs that buyers are willing to step in. But before you start planning your Lambo color, prominent analyst Trader Mayne has a reality check: this doesn't look like the start of a bull run.
In his latest podcast, Mayne acknowledged that Bitcoin's weekly close back inside a fair value gap represents the strongest bullish signal we've seen in over a month. That's the good news. The not-so-good news? The broader trend remains clearly bearish.
Here's where it gets interesting. Mayne argues that looking at monthly charts is actually misleading right now, since monthly bearish flips typically show up after deep corrections are already underway. Instead, he's focused on lower timeframes for real confirmation of any trend change.
The scorecard isn't pretty. Weekly, daily, and 4-hour charts are all still bearish. Only the 1-hour chart has managed to post a legitimate bullish structure break, which is like getting an A on a pop quiz when you're failing the semester.
For any reversal to actually stick, Bitcoin needs to reclaim its yearly open. Until that happens, every bounce risks becoming just another lower high in a downtrend.
