Is the Bitcoin Bull Market Shaking? Experts Warn of '$82,000 Collapse'

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Bitcoin's (BTC) upward trend is facing a critical test in the $82,000-$83,000 range. The market warns that if this support level is maintained, there's potential for further gains beyond $90,000, but if $82,000 collapses, a correction could extend to the high $70,000s.

According to investment media outlet FXStreet on September 30 (local time), after surpassing $87,400 on September 21, Bitcoin's upward momentum has slowed, testing the $82,000-$83,000 range. This price level was the starting point for a decline to approximately $57,000 in June, after hindering Bitcoin's ascent in May. After breaking through $82,000, which acted as resistance twice in May and early September, it has conversely transformed into a crucial support level that buyers must defend.

Jeff Anderson, Head of STS Digital US, identified $82,000 as the most critical price level. He noted a double top formation at this level, suggesting that if $82,000 collapses, the price could fall to the high $70,000s. However, he assessed that such a decline does not necessarily signify the end of the current rally, as US inflation and unstable confidence in US Treasury bonds could support Bitcoin in the long term.

Analysis also suggests that Bitcoin's recent weakness is more closely linked to instability in the US bond market than to its own internal issues. As US Treasury bond prices fall, yields rise, and bond market volatility increases, the relative attractiveness of risk assets like cryptocurrencies is diminishing. Lacie Zhang, a research analyst at Bitget Wallet, presented $81,500-$83,000 as a key defense zone, analyzing that if this is maintained, the market's upward structure will remain intact.

Conversely, Zhang cited continuous outflows from spot Bitcoin ETFs for several days, persistently rising US 10-year Treasury yields, and a breakdown of support below $82,000 as three warning signs for further correction. Iliya Kalchev of Nexo Dispatch set the threshold lower at $80,000. He analyzed that if Bitcoin consistently trades below $80,000, it could signal that the market is not ready for further upward attempts for the time being.

On the other hand, if Bitcoin rebounds from the current support zone and regains momentum, there's a possibility for it to significantly surpass $90,000. Some market participants are even discussing the potential for a rise to $100,000 in the future. In the short term, not only charts but also the Personal Consumption Expenditures (PCE) price index, the inflation gauge preferred by the US Federal Reserve (Fed), is considered a major variable to determine the next direction. Ultimately, the defense of $82,000, ETF fund flows, US Treasury yields, and PCE results are expected to be key variables determining Bitcoin's next upward attempt versus further correction.

*Disclaimer: This article is for investment reference only, and we are not responsible for investment losses based on it. The content should be interpreted for informational purposes only.*