Bitcoin briefly surpassed $81,000 on a 15% weekly gain, but analysts caution that a failure to break above $82,000-$83,000 resistance could trigger a drop to $50,000 or lower by November. While some indicators from CryptoQuant show bullish momentum, including eight out of ten metrics turning positive and declining exchange balances, bearish warnings from analysts like Gerla, cyclop, and AlejandroBTC suggest a possible correction. The asset must stay above the 365-day moving average near $83,000 for confirmation.
Bitcoin climbed above $80,000 earlier today, extending its weekly gain to 15% and reaching over $81,000 at one point. As of press time, the asset trades at around $79,600 with a market capitalization above $1.6 trillion.
Despite the positive performance, analyst Gerla on X issued a note of caution. He stated that BTC’s price must make a clean break above $82,000 to change the bearish structure. “Until then, I wouldn’t rule out a deeper move below the $58K-$60K zone before the real breakout,” he added.
Another user, cyclop, claimed that if BTC fails to hold above $83,000, “we’re still in a bear trend.” The analyst expects a dump toward $50,000 by November.
Additional bearish predictions came from analysts AlejandroBTC and Nonzee. AlejandroBTC argued that Bitcoin faces a major downturn that could take its valuation as low as $40,000. Nonzee opined that the recent surge was triggered by a liquidity squeeze and envisioned an eventual crash to $45,000.
On the bullish side, analytics firm CryptoQuant noted that eight of its ten market indicators, including its bull score, have entered bullish territory. However, the company stated that Bitcoin needs a daily close above its 365-day moving average, around $83,000, for confirmation.
User Gordon declared that the bear market is over. He congratulated investors who bought Bitcoin at $60,000, claiming that the rest are still early.
Supporting the bullish outlook, data shows that the amount of Bitcoin stored on exchanges has declined despite the price increase. Investors have been moving coins to self-custody methods, reducing immediate selling pressure.
