Bitcoin's recent dip to $80,000 may have marked a critical bottom, according to on-chain data and market analysts who now see a 91% probability of a trend reversal. With bullish sentiment returning to the cryptocurrency market, experts are eyeing a potential climb back toward the $118,000 range as technical indicators flash green.
Bitcoin's volatile journey over recent weeks appears to have found solid ground at the $80,000 level, with market analysts increasingly confident that the leading cryptocurrency has established a firm bottom from which to launch its next rally.
According to technical analysis and on-chain metrics, the pullback to $80,000 represented a healthy correction rather than the beginning of a prolonged downturn. One prominent analyst has calculated a 91% probability that Bitcoin's current trend reversal will propel prices back toward the $118,000 mark, representing a potential 47% gain from the recent low.
This optimistic outlook is supported by several key indicators. On-chain data reveals that long-term holders have remained steadfast during the dip, refusing to capitulate despite short-term price volatility. Additionally, exchange outflows have accelerated, suggesting that investors are moving their Bitcoin into cold storageβa traditionally bullish signal indicating reduced selling pressure.
The $80,000 level has proven to be a psychological and technical stronghold, with substantial buy orders clustering around this price point. This confluence of support has created what many analysts describe as a "spring-loaded" scenario, where accumulated buying pressure could catalyze a rapid price appreciation.
Market sentiment has also shifted noticeably, with fear and uncertainty giving way to renewed optimism. The Fear and Greed Index has begun climbing from extreme fear territory, while social media sentiment analysis shows increasing bullish positioning among retail and institutional traders alike.
However, some caution remains warranted. Bitcoin must still contend with broader macroeconomic headwinds, including Federal Reserve policy decisions and global economic uncertainty. Nevertheless, the cryptocurrency's resilience at $80,000 demonstrates robust underlying demand.
For the bullish thesis to fully materialize, Bitcoin will need to reclaim key resistance levels sequentially, with $90,000 and $100,000 serving as critical milestones. A sustained break above these thresholds would likely trigger additional momentum buying and potentially validate the projection toward $118,000.
As Bitcoin consolidates at current levels, the coming weeks will prove crucial in determining whether this bottom holds and bulls can indeed reclaim control of the market narrative.