Bitcoin has faced increased volatility in recent weeks after briefly exceeding $87,000 in early October. The cryptocurrency has since retraced to around $83,500, prompting analysts to reassess the outlook for a sustained bull run.
Analyst Ali Martinez has identified $84,000 as a critical technical level, noting that it corresponds to the 50-day simple moving average (SMA). Martinez suggests that a four-hour close above this level could confirm an uptrend toward $93,000.
According to Martinez, the 50 SMA has historically been significant in Bitcoin's recent price action. When Bitcoin bounced from the bottom of its recent price channel, the 200 SMA held support and a close above the 50 SMA confirmed the uptrend.
On-chain data provides additional context for the $84,000 level. Nearly 800,000 BTC were previously traded around $84,569, creating a supply zone that Bitcoin would need to break through to strengthen the case for a move higher.
Recent whale activity has also drawn attention. Large holders purchased more than 16,000 BTC over approximately five days, bringing their total holdings to about 5.26 million units. Martinez noted that this buying activity puts a rebound in focus, though Bitcoin must clear the technical hurdles first.
Other market observers have offered additional perspectives. One analyst identified a cup-and-handle pattern with a target of $105,000, while another suggested Bitcoin could mirror its late-2022 performance, which featured a substantial decline followed by a significant rally.
A moving average crossover has also caught analysts' attention. Bitcoin's 50-day MA recently moved above the 100-day MA, a development some have referenced historically to bullish market turning points.
