Cryptocurrency analyst Doctor Profit expects the world’s largest crypto asset to resume its upward movement soon, even though BTC failed to surpass $84,000 on Monday morning.
He has a new price target of $94,000.
New bullish forecast
In the latest report on Sunday, the analyst said The recent market correction could set the stage for the next stage of the bull market. Doctor Profit believes that Bitcoin has passed the correction phase and is now preparing for another rally. He previously expected the asset to reach $88,000 after surpassing $82,500. BTC then reached this target before returning to around $80,300.
The analyst now expects it to regain momentum and climb towards $94,000. However, he said the price must first regain the $86,000-$89,000 zone. This area will be important in determining whether the market can sustain further upside. Buying demand is also expected to strengthen around $86,000. He believes this area could turn into support instead of facing the selling pressure seen during the previous rally.
A similar bullish outlook came from crypto analyst Crypto Patel, who projected a potential path to $100,000. He said Bitcoin had broken above the $67,000 resistance level and could test it again before moving higher. If buyers defend this area, BTC could form a higher low and gain momentum for another rally.
At the same time, $82,800 was flagged as immediate structural support, while $59,809 remains a major bearish level.
Meanwhile, new analysis from xWIN has revealed that Bitcoin could be showing signs of a potential bottom in October. Several factors weighed on prices, such as high US bond yields, rising oil prices and profit-taking. However, conditions now appear to be improving.
Low institutional demand
ETF outflows remain a risk to the recovery outlook. US-based spot Bitcoin ETFs saw their worst week of outflows since late June. Investment vehicles saw nearly $90 million leave on Monday, followed by a brief recovery on Tuesday with $118.86 million in inflows. Selling resumed on Wednesday and Thursday, when investors withdrew a total of more than $731 million. Friday brought a small return of $21.13 million, but that didn’t make up for earlier losses.
In total, weekly outflows reached $681.1 million, amid weaker investor demand.
The article Bitcoin Could Hit $94,000, But First It Needs to Break Through This Key Price Zone appeared first on CryptoPotato.
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