Bitcoin nears $94K, bulls target rebound from $80K support zone

A popular crypto analyst suggests that current market conditions point toward the world's largest crypto asset recovering from its recent dip and potentially advancing toward $94,000.

Doctor Profit stated that Bitcoin's decline from $88,000 to approximately $80,000 represents a correction within a larger bull market, not the beginning of a bear market.

This price area is crucial support for major investors, as treasury companies and spot ETF investors have average entry points near $80,000 to $81,500.

The analyst noted renewed spot buying near $80,000 and a slowdown in profit-taking, indicating that selling pressure is easing.

While some short-term holders continue to sell, longer-term holders who acquired Bitcoin between $60,000 and $70,000 show little inclination to divest their assets.

Doctor Profit believes this mix of demand, reduced selling, and ongoing accumulation signals the asset is nearing a low, though he observed that most retail traders appear extremely bearish currently.

Meanwhile, another commentator, Darkfost, highlighted a division in exchange flow data, noting that retail Bitcoin inflows to Binance hit a six-month high, jumping from $5.5 billion to $10.75 billion over 30 days.

In contrast, Darkfost reported that deposits from large holders decreased from $5.9 billion at the end of August to $3.8 billion, suggesting whales are holding back on moving Bitcoin to exchanges.

Doctor Profit anticipates Bitcoin moving toward $94,000 if the market recovers, adding that a daily close above the 50-day exponential moving average would serve as a positive indicator.

Why it matters

The $80,000 level is critical as it represents significant buying interest from institutional investors. A sustained move above this zone could signal a strong recovery toward higher targets. Watch for whether whale activity continues to diverge from retail buying trends.