Is Bitcoin a Buy Now?

<a href="https://xpertsstudio.com/heres-when-and-how-bitcoin-price-will-hit-100k/” title=”Here’s When and How Bitcoin Price Will Hit $100K”>Bitcoin Price Prediction: Is Bitcoin a Buy Now?

Bitcoin has surged back toward the top of its multi-month range, but the $80,500-$83,000 region now stands between $BTC and a confirmed bullish breakout. Two daily-chart setups suggest the rally can ultimately extend higher, although both leave room for consolidation or a deeper pullback before buyers attempt the next major leg.

Bitcoin Fractal Signals Chop and Pullback Before Higher Prices

The first setup compares Bitcoin’s current daily structure with the recovery that followed the 2022 market bottom, suggesting the bullish trend does not necessarily require an immediate move higher.

Bitcoin $BTC 2022 Bottom Fractal

Bitcoin trades near $78,982 on Olson’s chart after a sharp recovery from its recent lows. His 2022-bottom fractal suggests $BTC could spend the coming weeks moving sideways around current levels before undergoing another pullback and eventually resuming the advance.

The projected path places the first important support area around $72,000. That zone also intersects with the descending trendline drawn across the projected structure, making it a key area to watch if Bitcoin retreats from resistance.

A deeper support region appears around $68,500-$69,000. Under Olson’s bullish scenario, even a correction toward that area would not automatically invalidate the broader setup if buyers regain control and establish another higher move afterward.

The historical comparison ultimately projects a renewed advance after consolidation and correction. However, the fractal is a scenario rather than a guarantee. A sustained breakdown through the highlighted support structure would weaken the comparison and increase the risk that Bitcoin is following a different path.

For bulls, the practical takeaway is that short-term weakness could remain compatible with the larger bullish thesis. The setup favors patience through possible sideways trading and volatility rather than expecting $BTC to move vertically higher.

Bitcoin Faces Major Test at $80,500 Range High

The second chart focuses less on historical repetition and more on Bitcoin’s immediate market structure, where price has returned to the upper boundary of a range that has contained $BTC for months.

Bitcoin $BTC $80,500 Range High Resistance

Daan Crypto Trades marks Bitcoin’s broader range between approximately $59,861 and $80,485.50. After defending the $60,000 region and consolidating through July and early August, $BTC accelerated sharply toward the opposite side of that range.

Bitcoin is shown around $78,816, placing it directly beneath the $80,500 ceiling. That makes the current area important because the latest rally, despite its strength, has not yet produced a confirmed breakout from the larger structure.

The first bullish confirmation would be a decisive move above roughly $80,500. Beyond that level, the May high around $83,000 becomes the next major hurdle. Clearing both would provide stronger evidence that $BTC is transitioning from range trading into a new upside expansion.

Daan noted that Bitcoin is encountering resistance after an explosive rally and short squeeze. That creates a reasonable case for consolidation or a pullback as the market absorbs supply near the top of the range.

The two charts therefore point toward a similar short-term conclusion. Bitcoin remains structurally bullish, but the market is testing resistance after a rapid advance, making a straight-line move higher less certain.

A rejection from $80,500-$83,000 could send $BTC back toward lower support, with Olson’s chart highlighting roughly $72,000 and then $68,500-$69,000 as important areas. If those zones hold and buyers regain momentum, the pullback could become the reset that precedes another attempt at the range high.

Conversely, a clean breakout above $83,000 would reduce the need for the deeper corrective scenario and strengthen the case for immediate continuation. Until then, Bitcoin sits at a pivotal point where strong long-term momentum meets substantial short-term resistance.

Source: cryptonews.net