As Bitcoin (BTC) makes a bold move to reclaim the $88,000 level, some enthusiasts are feeling optimistic that the recent dip is the bottom and a recovery rally is just around the corner. However, others are cautioning that Bitcoin’s struggles this November might continue if it can’t maintain its current standing.
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Bitcoin Gains Local Support
On Monday, Bitcoin showed signs of recovery from its recent dip, edging closer to a significant resistance mark for the second day in a row. This month has seen the cryptocurrency face tough times as it struggled to maintain key support levels, dropping below the $100,000 psychological barrier and hovering near multi-month lows.
Just last week, BTC fell below the $90,000 mark for the first time since April, dropping to a low of $80,600 by Friday. However, over the weekend, it stabilized, bouncing between $84,000 and $87,000, with a brief attempt to retest the $88,000 resistance before being pushed back down.
Arthur Hayes, co-founder of BitMEX, proposed that Bitcoin might benefit from some “minor improvements” in U.S. liquidity trends. In a Monday post on X, he predicted the price might dip below $90,000 soon, potentially hitting $80,000 again, but he believes it will likely stabilize eventually.
Analyst Rekt Capital suggested that Bitcoin is revisiting an important re-accumulation zone between $82,500 and $93,000, a region where it consolidated in Q1 2025 after losing support.
This area is where Bitcoin built its base before bouncing back during earlier cycles, and it very much defines the current bottom boundary. Together, these levels create a clear Monthly Range between $82.5k and $93k, framing the broader picture for our current consolidation phase.
The analyst also noted that a weekly close above the $86,000 level aligns with the critical monthly range, which could allow Bitcoin to establish a new floor between this level and the $93,000 resistance. He reassured investors not to fret if price dips into the liquidity pool between $78,000 and $86,000 “as long as we see stability” at current levels.
No BTC Party Until 2028?
Market observer Ted Pillows pointed out that Bitcoin has yet to reclaim its local highs on daily and weekly charts, warning that if the $88,000-$90,000 area doesn’t turn into solid support quickly, we might see a drop to new monthly lows below $80,000.
At the same time, Crypto Bullet shared a bearish outlook for Bitcoin, stating that BTC “won’t achieve a new all-time high until 2028” based on past trends. He clarified that if BTC is following its four-year cycle, it may have hit its cycle peak in October and is now entering a corrective phase.
The analyst drew parallels between the bullish runs of 2021-2022 and today’s scenario. The chart indicates that BTC was climbing within an ascending channel, showcasing price rallies to the upper edge after key retests of the ascending support line.
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However, when Bitcoin tested the channel’s lower boundary again, it bounced to the mid-zone before being rejected at the 50-week Moving Average (MA), losing the multi-year trend pattern.
Currently, as BTC is retesting the pivotal ascending support, the analyst surmised that Bitcoin could revisit the $110,000 area in the upcoming weeks before pulling back around 60% to the $40,000 mark by 2026.
As of now, Bitcoin is trading at $88,692, reflecting a 2% increase in the past day.
Featured Image from Unsplash.com, Chart from TradingView.com
