Why Bitcoin’s Next Target Could Be $93,000
Bitcoin is down 2% in the last 24hours, trading at $81,698 after US inflation came in hot and raised the odds of another Fed rate hike. Compounding the decline is a cascade of long liquidations ($63.17 million in the past day) and a break below the $82,000 – $83,000 support zone. Institutions have also pulled away, with Bitcoin ETF flows turning negative since late September.Source: CoinMarketCapDespite the recent pullback, technical analysis now shows Bitcoin could be preparing for a $93,000 hit.As seen below, Bitcoin has been trading in an ascending channel on the 4-hour chart since August. Should it bounce off the lower boundary of $80,000, BTC could rally to the mid-range zone of $88,000. At this point, maintaining positive momentum would pave the way for another move up to the top of the channel at $93,000.Source: Ali ChartsSupporting this theory are the parallels seen between this year’s chart and that of 2023. In the latter, Bitcoin surged 40% shortly after the 50-day simple moving average (SMA) crossed above the 200-day SMA.Even more, the Bitcoin Exchange Whale Ratio has been on a steady decline this past week. This is evidence that whales are actively moving their BTC away from exchanges to longer-term storage addresses, or rather hodling.Next prices to watch forThe UTXO Realized Price Distribution (URPD) chart shows the highest resistance at the $83,000 – $84,000 zone, where BTC previously exchanged hands at the highest rate.Source: BGeometricsThereafter, resistance between $87,000 and $95,000 is quite balanced, with $89,000 being the price to watch for. A break above this and sustained upward momentum, would mean movement towards the next resistance at the $104,000 price.A famous person once said:– Just buy the dip.– Accumulate as much of those assets as you can as we're facing the biggest transformation we've ever witnessed.– Don't use leverage.– Don't buy too many .– Be patient.– Touch grass.– Drink wine.– Or do something else…