Techub, citing market commentary from CryptoPotato and other analysts, reported that Bitcoin may be ready to resume its upward move, though several levels still matter. CryptoPotato analyst Doctor Profit said BTC has likely moved past its correction phase and could aim for $94,000. Before that happens, he said price needs to clear the $86,000 to $89,000 resistance area, which could then turn into support.
Another analyst, Crypto Patel, also presented a bullish view and said Bitcoin may head toward $100,000. In his view, BTC has already broken above the $67,000 resistance level, and if buyers are able to defend that area, the market could establish a higher low.
At the same time, research firm xWIN said October may already have produced a bottom signal. Its analysis noted that elevated U.S. bond yields and profit-taking had previously weighed on Bitcoin. Still, ETF flows remain a risk to any recovery. According to the report cited by Techub, U.S. spot Bitcoin ETFs posted net outflows of $681.1 million last week.
Techub reported that CryptoPotato analyst Doctor Profit expects Bitcoin to resume its uptrend, with a price target of $94,000.
He said Bitcoin has already passed through its correction phase, but the price still needs to break through the key resistance zone between $86,000 and $89,000. If that happens, the area could turn into support.
Another analyst, Crypto Patel, also shared a bullish outlook, saying Bitcoin could move toward $100,000. He said BTC has already broken above the $67,000 resistance level, and if buyers hold that area, the market could form a higher low.
At the same time, research firm xWIN said its analysis points to a possible bottom signal in October. The firm noted that high U.S. bond yields and profit-taking had previously put pressure on price.
Even so, Bitcoin ETF outflows are still seen as a risk to the recovery. The data cited by Techub showed that U.S. spot Bitcoin ETFs recorded net outflows of $681.1 million last week.
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