According to CoinMeta, Wu said that Alex Thorn, the head of research at Galaxy, indicated that BTC is currently near the 50-week moving average of around $81,800, and it is expected that by the close of the week on August 30th, this moving average will drop to around $81,100. Galaxy believes that if BTC closes above this level on the weekly chart, it would be a strong signal that the bottom of this bear market may have been formed and that an upward trend could restart. Historical data shows that in completed bear markets, BTC has rebroken above the 50-week moving average 13 times, and in four out of five complete bear markets where it fell below the 50-week moving average and then hit new lows, the first effective breakout above that low point ultimately confirmed the end of the bear market. Galaxy also pointed out that the 200-week moving average has long served as support for the bottom of bear markets. In this current bear market, BTC fell to around $58,525 on June 30th, which is about 6.5% lower than the 200-week moving average of around $62,626 at that time, but it managed to recover above that moving average by the end of that week.