Bitcoin has shifted from an early October push above $87,000 back to roughly $83,500, according to CoinGecko, leaving traders focused on technical levels that could determine whether the next major move is to the upside or downside.
Analyst Ali Martinez identifies $84,000 as the key threshold, noting it aligns with the 50 simple moving average. Martinez said that in the previous rebound from the lower boundary of Bitcoin’s price channel, the 200 SMA acted as support and a four-hour close above the 50 SMA confirmed the uptrend. If Bitcoin can produce a four-hour close above $84,000, he projects the next leg higher could reach $93,000.
Martinez also pointed to renewed whale accumulation, with more than 16,000 BTC purchased in about five days, taking total whale holdings to around 5.26 million BTC. On-chain data shows nearly 800,000 BTC previously changed hands around $84,569, creating a supply zone that could reinforce bullish momentum if broken.
Other market observers have added upside scenarios. Scient described Bitcoin’s chart as the ‘cleanest cup and handle pattern you will ever see,’ targeting $105,000, while Toz suggested Bitcoin may be tracking its late-2022 structure of a substantial dip followed by a strong recovery. Crypto Rover highlighted a moving average cross between the 50-day and 100-day MA, noting that a similar signal previously marked the end of a bear market and preceded a rally of more than 500%. Bitcoin’s classic golden cross, based on the 50-day and 200-day MA, appeared in September last year near $110,000 before the cryptocurrency reached a record above $126,000.
Joao Wedson offered key short-term holder levels. With BTC near $83,608, the short-term holder MVRV ratio is about 1.13, reflecting roughly 13% unrealized profit on average. He sees $82,658 as the most important short-term threshold. Resistance may first appear near $91,051, followed by $99,444. If Bitcoin loses $82,658, the next major level is $74,264, the average cost basis for short-term holders. A drop below that level would push these investors into unrealized losses and could increase selling pressure. Wedson also listed $65,871, $57,478, and $49,084 as deeper support areas in a sharper correction.
