As Bitcoin (BTC) attempts to reclaim the $88,000 area, some market observers believe that the recent lows marked the bottom, and a price recovery rally is underway. Nonetheless, other analysts have warned that the flagship crypto’s November pain could continue if the current levels don’t hold. Related Reading: Why XRP Price Crash Below $2 Is Not A Problem – $20 Is Still The Target Bitcoin Finds Local Support On Monday, Bitcoin continued its price recovery from the latest correction, nearing a key resistance for the second consecutive day. Throughout November, the cryptocurrency has struggled to hold multiple crucial levels amid the crypto market volatility, falling below the $100,000 psychological barrier and trading around multi-month lows. Last week, BTC plummeted below the $90,000 level for the first time since April, reaching a low of $80,600 on Friday. Over the weekend, the flagship crypto’s price stabilized, trading between $84,000-$87,000 and briefly retesting the $88,000 resistance before being rejected. Arthur Hayes, co-founder of crypto exchange BitMEX, suggested that Bitcoin’s price will benefit from “minor improvements” in US liquidity trends. In a Monday X post, he forecasted that the price would likely chop below the $90,000 level in the coming weeks, potentially dropping to the $80,000 level once more, but ultimately holding. Similarly, analyst Rekt Capital asserted that Bitcoin is revisiting a key re-accumulation region between $82,500-$93,000, where the price consolidated in Q1 2025 after losing the upper boundary as support. This is where Bitcoin built its base before reversing upward earlier in the cycle, and it continues to define the bottom boundary of the current structure. Together, these levels establish a clear Monthly Range between $82.5k and $93k, framing the broader context for this phase of consolidation. The analyst also highlighted that BTC’s weekly close above the $86,000 level aligns with the crucial monthly range, adding that its price could now begin building a floor around this area to develop a new range between this level and the $93,000 resistance. To him, investors shouldn’t worry if price downside wicks into the liquidity pool between $78,000-$86,000 “as long as general stability persists” at the current levels. No BTC Party Until 2028? Market observer Ted Pillows noted that Bitcoin was unable to reclaim the local highs in the daily and weekly timeframe, suggesting that if the $88,000-$90,000 zone is not successfully turned into support soon, its price could drop toward a new monthly low below the $80,000 mark. Meanwhile, Crypto Bullet shared a bearish outlook for the flagship crypto, affirming that BTC “will not make a new ATH until 2028” based on historical data. He explained that if BTC is repeating its four-year cycle performance, its price potentially reached its cycle top in October and is entering a new corrective phase. The analyst pointed out the similarities between the 2021-2022 bull run and the current one. According to the chart, BTC hovered within an ascending channel, with price rallying to the upper boundary for a second time after a key retest of the ascending support level. Related Reading: Attack On Cardano Founder Leads To Network Halt, What Really Happened? However, when Bitcoin retested the channel’s lower boundary a second time, its price bounced to the channel’s mid-zone before being rejected at the 50-week Moving Average (MA) and losing the multi-year pattern. As BTC is currently retesting the key ascending support, the analyst suggested that BTC will likely retest the $110,000 area in the coming weeks before retracing around 60% to the $40,000 area in 2026. As of this writing, Bitcoin is trading at $88,692, a 2% increase in the daily timeframe. Featured Image from Unsplash.com, Chart from TradingView.com
