Bitcoin Could Rally to $94K, but First It Must Break Through This Key Price Zone

Crypto analyst Doctor Profit expects the world’s largest crypto asset to resume its upward move soon, even though BTC failed to overcome $84,000 on Monday morning.

He has a new price target of $94,000.

New Bullish Forecast

The analyst now expects it to regain momentum and climb toward $94,000. However, he said the price must first recover the $86,000 to $89,000 region. This area will be important in determining whether the market can support another move higher. Buying demand is also expected to strengthen around $86,000. He believes this zone could turn into support instead of facing the selling pressure seen during the previous rally.

If buyers defend this zone, BTC could form a higher low and gain momentum for another rally.

Meanwhile, $82,800 was flagged as immediate structural support, while $59,809 remains a major downside level.

New analysis by xWIN, meanwhile, revealed that Bitcoin may be showing signs of a potential bottom in October. Several factors have weighed on prices, such as high US bond yields, rising oil costs, and profit-taking. However, conditions now appear to be improving.

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Weak Institutional Demand

ETF outflows remain a risk to the recovery outlook. US-based spot Bitcoin ETFs had their worst week of outflows since late June. The investment vehicles saw nearly $90 million leave on Monday, followed by a brief recovery on Tuesday with $118.86 million in inflows. Selling picked up again on Wednesday and Thursday, when investors withdrew a total of over $731 million. Friday brought a small return of $21.13 million, but it did little to offset the earlier losses.

Overall, weekly outflows reached $681.1 million, amid weaker investor demand.