Bitcoin and Ethereum staged a quick upward move over the past 24 hours before giving back those gains, leaving traders to weigh bullish forecasts against a dense overhead supply zone identified by Glassnode.
According to CoinMarketCap, Bitcoin climbed from about $82,000 to $84,000 before falling back to roughly $82,118, a decline of 1.15% over the period. Ethereum followed a similar path, moving from the $2,400 range to $2,500 and then retreating to about $2,425, down more than 1%. Other altcoins showed the same surge-and-retrace pattern.
Analyst Doctor Profit, who previously called for Bitcoin to rise toward $88,000 before a dip to $79,000, now expects a quick pump to $86,000 within days, followed by a stronger push toward $94,000. Other market commentators noted that Bitcoin held a retest after confirming a double bottom formation, with some projecting a target as high as $104,000.
Glassnode's October 21 Week Onchain report adds a note of caution, identifying an overhead supply zone around $85,000 to $87,500 after the October 15 dip toward $80,000 and the return of bids near that level. The report estimates the cost basis of coins held for six to 12 months at about $86,700, and points to sell-side order-book liquidity and modeled liquidation concentrations near the upper part of the range. It places the True Market Mean near $77,600 and the average acquisition cost of tracked corporate treasuries at approximately $80,200.
Glassnode stresses that these levels are methodological estimates rather than guaranteed price paths. Visible orders can be withdrawn, cost-basis estimates depend on entity classification, and liquidation maps model positions rather than expose every trader's leverage. A sustained move through the identified zone would carry a different message from a brief spike that immediately reverses, the report notes.
