Bitcoin Tests $94,000: Has a Bottom Been Found?

Bitcoin fell to $94,000 on Binance, marking a 25.5% drop from its all-time high reached on October 6. Over the past 24 hours, the leading cryptocurrency has fallen 5.1%, drawing analysts' attention to the current market situation and possible future scenarios.

BTC/USD 1-day chart. Source: Binance

Technical analysis points to key levels

Crypto Candy analyst notes that Bitcoin is moving in line with expectations. The cryptocurrency has reached the key $93,000-$95,000 zone and is now attempting to rebound from this level. If the recovery continues, the price could rise to $99,000-$101,000 or higher in the coming days. This estimate remains valid as long as the $93,000-$95,000 zone remains intact.

BTC/USD 1-Day Chart. Analysis by Crypto Candy

Trader Daan Crypto Trades notes that Bitcoin has tested the 0.618 Fibonacci retracement level and fallen slightly below its level at the beginning of the year. This level represents the last significant support before $86,000. To restore bullish sentiment, the current level must be defended and a return above $98,000 is necessary.

BTC/USD 1-Day Chart. Analysis by Daan Crypto Trades

The current peak-to-trough decline was 25%, roughly in line with other major corrections this cycle, which typically ranged from 20-30%. However, the trend remains downward for now, and Bitcoin faces significant challenges to emerge from this challenging period.

Forecasts for further movement

Trader Roman believes the four-hour move has completed as expected. This allowed for a retest of the uptrend on the weekly timeframe after its breakout last week. He believes the downtrend could continue to the $76,000 area.

BTC/USD 4-hour chart. Analysis by Roman

Crypto trader and analyst Michaël van de Poppe attributes Bitcoin's correction to a combination of factors. The main one is investors' desire to exit positions based on the four-year cycle theory, as many don't believe 2026 will be a bullish year. According to van de Poppe, the current cycle is far from over.

Signals from institutional investors

Cas Abbe, a researcher at the CryptoQuant analytics platform, reports the largest single-day outflow from a BlackRock ETF. Typically, such significant outflows from a BlackRock fund indicate a local market bottom.

Capital flows in the iShares Bitcoin Trust (IBIT). Source: Cas Abbe