Bitcoin's near-term price action hinges on whether the asset can recapture the $86,000 to $89,000 region, according to analyst commentary. Crypto analyst Doctor Profit expects Bitcoin to resume an upward move and has set a price target of $94,000, provided the asset first recovers the $86,000–$89,000 zone. This area is expected to be critical in supporting another leg higher, with buying demand anticipated to strengthen around $86,000.
Doctor Profit noted that Bitcoin previously reached an $88,000 target after breaking above $82,500, though the asset later pulled back to around $80,300. The analyst believes the recent market correction could set the stage for the next phase of the bull market.
Analyst Crypto Patel offered a similar outlook, projecting a potential path toward $100,000. According to Patel's analysis, Bitcoin had broken above the $67,000 resistance level and could retest it before moving higher. If buyers defend this zone, Bitcoin could form a higher low and gain momentum for another rally.
Technical support levels identified by analysts include $82,800 as immediate structural support, while $59,809 remains a major downside level.
Analysis by xWIN suggested that Bitcoin may be showing signs of a potential bottom in October, with several factors having weighed on prices, including high US bond yields, rising oil costs, and profit-taking. The analysis indicated that conditions now appear to be improving.
Investment flows present a potential headwind. US-based spot Bitcoin ETFs experienced significant outflows in a recent week, totaling $681.1 million. The week saw nearly $90 million leave on Monday, followed by $118.86 million in inflows on Tuesday. Selling resumed on Wednesday and Thursday with total outflows exceeding $731 million, and Friday brought $21.13 million in inflows.
