There is a bearish case for Bitcoin despite the recent rally

Different technical analysts in the crypto community maintain that the recent rally could have triggered a new Bitcoin bull market.

Bitcoin went through a rally that saw its price rise by nearly 30 percent since Jan. 3.

Mohit Sorout, a partner at Bitazu Capital, pointed out that this price hurdle constrained Bitcoin's price action for the past seven months.

Along the same lines, Sawcruhteez, a financial analyst and swing trader, said that Bitcoin could have entered a new bull run.

The 14.64 percent upswing that took BTC up from a low of $7,360 to a high of $8,440 last week flipped the parabolic stop and reverse, or "SAR," from bearish to bullish.

Despite the bullish perspective from these analysts, others argue that the bull market has not started yet.

The chartist considers this area to provide an excellent opportunity to short Bitcoin.

The ambiguity about Bitcoin's future has the overall market sentiment in a "Neutral" stage, according to the Crypto Fear and Greed Index.

Time will tell whether the flagship cryptocurrency will be able to break through the next level of resistance that sits around $9,000.

A spike in the selling pressure behind BTC could push its price downwards.