Bitcoin’s $80K Price Level Is Back in Focus as Bulls Look for a $94K Rebound
Bitcoin may be forming a local bottom around $80,000, as the $79,000 to $81,000 range emerges as a major accumulation zone.
According to a popular crypto analyst, current market conditions suggest that the world’s largest crypto asset could recover from its recent correction and move toward $94,000.
Retail Traders Turn Increasingly Bearish
In his latest market update, Doctor Profit said Bitcoin’s drop from $88,000 to around $80,000 was a correction within a broader bull market, rather than the start of a new bear market. The current price range offers an important support level for larger investors.
According to the analysis, Bitcoin treasury companies and spot ETF investors have average entry prices around $80,000 to $81,500. This could make the region important for market stability, as investors may be less willing to sell if prices remain near their buying levels.
The analyst also flagged renewed spot buying around $80,000 and a slowdown in profit-taking. He believes these factors suggest that selling pressure is easing. While some short-term holders have continued to sell, he said longer-term holders who bought Bitcoin between $60,000 and $70,000 are showing little willingness to sell their holdings. This combination of strong demand, reduced selling, as well as continued accumulation could signal that the asset is approaching a local bottom.
He also found that most retail traders appear extremely bearish at current prices. But this negative sentiment could support a recovery if selling pressure begins to fade and buyers regain control of the market.
Meanwhile, the Crypto Fear and Greed Index currently stands at 54. The analyst believes the index does not fully reflect the fear among retail traders who have sold during the recent decline or are waiting for lower prices. Meanwhile, more experienced investors who bought at lower levels appear to be holding their positions. This difference in market behavior could be another sign that the recent correction may be nearing its end.
Doctor Profit expects Bitcoin to move toward $94,000 if the market recovers from its current levels. He said a daily close above the 50-day exponential moving average would provide a positive signal.
Divergence
A similar divide between retail investors and larger holders is emerging in exchange flow data. Another market commentator, Darkfost, reported that retail Bitcoin inflows to Binance have reached a six-month high after rising from $5.5 billion to $10.75 billion on a 30-day basis.
Whale inflows, however, have moved in the opposite direction. According to Darkfost, deposits from large holders have fallen from $5.9 billion at the end of August to $3.8 billion, which indicates that whales are not rushing to move their Bitcoin onto exchanges, where it could be sold.
“This divergence is worth watching, particularly to see whether whales will maintain this restraint if the price keeps climbing.”