Bitcoin's Pullback to $80K May Set Up a Move Toward $94K
The author says Bitcoin corrected to $80,000 after a prior warning, near the 50-day EMA, and he closed a short position around that level. He remains bullish and sees a possible retest of $87,000–$88,000 resistance, with $92,000–$94,000 as the next target if it breaks higher. ETF flows remain mixed, with notable outflows on October 7 and 8.
The analyst had cautioned two weeks earlier that Bitcoin was nearing $87,000 and likely needed a drop toward $80,000 before another push at higher resistance. He therefore shorted near $86,000, targeting $80,000. When price reached that level near the 50-day EMA, he closed the short, locked in gains, and added to spot holdings.
He still views the daily trend as bullish. A renewed test of $87,000–$88,000 is possible; a sustained break and consolidation above it could open $92,000–$94,000. ETF flows were mixed, with net outflows of about $484.9 million and $244.1 million on October 7 and 8.
Bitcoin traders and investors may be affected by whether $87,000–$88,000 resistance turns into support, as that could influence short-term sentiment and risk appetite. ETF flow swings suggest institutions remain cautious, which may affect broader crypto market liquidity and prices. Retail holders could see portfolio volatility, while businesses accepting crypto might face payment-value uncertainty. The outcome may shape confidence in the current uptrend, though one correction alone cannot determine longer-term adoption or regulation.