Bitcoin dipped below $83,000, while The DeFi Report founder Michael Nadeau sees an 85% probability that Bitcoin has entered an early bullish phase. Nadeau expects a retest of the 50-week moving average near $78,000, with $83,000 remaining a key level for bullish confirmation. However, multiple weekly closes below $78,000, coupled with weakening ETF inflows, could invalidate Nadeau's outlook. Nadeau considers a drop toward $55,000 unlikely unless unexpected macroeconomic shocks emerge. Nadeau characterized the recent altcoin rally as a recovery from deeply oversold conditions rather than a full-fledged altcoin season.