The ability of Bitcoin to reclaim the $86,000 to $89,000 range will play a crucial role in Doctor Profit’s predictions.
According to cryptocurrency analyst Doctor Profit, the largest digital asset is poised to continue its upward trajectory soon, despite Bitcoin’s inability to surpass $84,000 early on Monday.
He has set a new target price of $94,000.
Optimistic Forecast
In his latest Sunday update, the analyst stated that the recent market pullback may pave the way for the next phase of the bull market. Doctor Profit believes Bitcoin has successfully navigated the correction phase and is gearing up for another surge. Initially, he estimated that the asset would hit $88,000 after breaking above $82,500. Bitcoin did reach this target but subsequently dropped to roughly $80,300.
Now, the expert anticipates a resurgence in momentum leading toward $94,000. However, he stressed that the price must first recover the $86,000 to $89,000 zone, which will be crucial for determining if the market can sustain another upward move. He expects buying interest to strengthen around $86,000 and believes this zone might act as support rather than facing the selling pressures observed during previous rallies.
A parallel positive outlook comes from analyst Crypto Patel, who envisioned a possible ascent to $100,000. He mentioned that Bitcoin has managed to break through the $67,000 resistance level and might revisit it before proceeding higher. If buyers protect this level, Bitcoin could establish a higher low and gather momentum for a further rally.
At the same time, immediate structural support was identified at $82,800, while $59,809 remains a significant downside target.
Recent analysis from xWIN suggests that Bitcoin could be indicating a potential bottom in October. A variety of elements, including elevated US bond yields, rising oil prices, and profit-taking, have pressured prices. However, conditions are now showing signs of improvement.
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Weak Institutional Demand
Outflows from exchange-traded funds (ETFs) could pose a challenge to the recovery outlook. US-based spot Bitcoin ETFs experienced their largest weekly outflows since the end of June. On Monday, these investment vehicles lost
In total, weekly outflows amounted to $681.1 million, reflecting weaker demand from investors.