Advertise
Why Bitcoin’s Next Target Could Be $93,000
Bitcoin is trading at around $81K after inflationary data spooked investors, triggered long liquidations, and broke the initial support zone.
Analysis shows an ascending channel setup, with potential for upward movement to $93,000.
The $83K-$84K resistance zone is the biggest between the $80K and $104K prices.
Bitcoin (BTC) is down 2% in the last 24hours, trading at $81,698 after US inflation came in hot and raised the odds of another Fed rate hike. Compounding the decline is a cascade of long liquidations ($63.17 million in the past day) and a break below the $82,000 – $83,000 support zone. Institutions have also pulled away, with Bitcoin ETF flows turning negative since late September.
Source: CoinMarketCap
Despite the recent pullback, technical analysis now shows Bitcoin could be preparing for a $93,000 hit.
As seen below, Bitcoin has been trading in an ascending channel on the 4-hour chart since August. Should it bounce off the lower boundary of $80,000, BTC could rally to the mid-range zone of $88,000. At this point, maintaining positive momentum would pave the way for another move up to the top of the channel at $93,000.
Source: Ali Charts
Supporting this theory are the parallels seen between this year’s chart and that of 2023. In the latter, Bitcoin surged 40% shortly after the 50-day simple moving average (SMA) crossed above the 200-day SMA.
Even more, the Bitcoin Exchange Whale Ratio has been on a steady decline this past week. This is evidence that whales are actively moving their BTC away from exchanges to longer-term storage addresses, or rather hodling.
Next prices to watch for
The UTXO Realized Price Distribution (URPD) chart shows the highest resistance at the $83,000 – $84,000 zone, where BTC previously exchanged hands at the highest rate.
Source: BGeometrics
Thereafter, resistance between $87,000 and $95,000 is quite balanced, with $89,000 being the price to watch for. A break above this and sustained upward momentum, would mean movement towards the next resistance at the $104,000 price.
Was this writing helpful?
Trust with CoinPedia:
CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.
Investment Disclaimer:
All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.
Sponsored and Advertisements:
Sponsored content and affiliate links may appear on our site. Advertisements are marked clearly, and our editorial content remains entirely independent from our ad partners.
