Bitcoin (BTC) is showing renewed strength as it eyes $102K, despite recent pullbacks, signaling that short-term volatility may be giving way to a bullish long-term trend.
According to BTC/USD data on TradingView, after a decline of approximately 35% over the past six weeks, Bitcoin has stabilized near $91,200–$91,300. Analysts observing technical breakouts and historical on-chain patterns suggest there may be potential momentum toward higher price levels in the coming days.
Short-Term Pullback and Technical Resistance
On the daily chart, Bitcoin recently broke above a long-term descending trendline and surpassed the Ichimoku Kumo cloud, indicating a potential momentum flip toward bullish territory.
James Stanley, a senior market analyst at StoneX Financial specializing in macro-crypto correlations, noted:”The recent breakout above key resistance levels suggests that Bitcoin may continue its upward trajectory, provided it holds above $90,000.”
This cycle’s pullback is unusual, as a reliable low-forecasting metric signaled early, yet Bitcoin’s price didn’t respond, making bottom-calling difficult. Source: Dom via X
Short-term resistance remains around $94,500–$95,000, coinciding with prior liquidity pockets. Analysts highlight that failing to hold these levels could constrain upward movement in the near term, though this does not necessarily imply a trend reversal.
Key Targets for Bitcoin Price Today
In the medium-term structure, measured-move targets are derived from prior consolidation ranges and historical supply zones:
BTC/USD shows a bullish continuation setup after a trendline breakout, targeting $102K, with key intermediate targets at $95K and $99K and risk below $88,500. Source: RSI Trading point on TradingView
Target 1: $94,500–$95,000—Immediate breakout extension based on short-term liquidity pockets (TradingView, BTC/USD chart).
Target 2: $98,000–$99,000—Momentum continuation area near a major psychological resistance cluster.
Target 3: $101,500–$102,500—Major measured-move target derived from higher-timeframe unfilled liquidity and historical price memory.
Stanley added, “If Bitcoin sustains above these support zones, the path to $102K remains plausible. Conversely, a drop below $88,500–$89,000 would weaken bullish continuation expectations and could trigger a short-term correction.”
Puell Multiple Signals Potential Rebound
Supporting the longer-term outlook, the Puell Multiple—a ratio of daily miner revenue to its yearly average—currently reads 0.67, according to Glassnode data. Historically, Bitcoin cycle bottoms have aligned with readings below 0.50 in 2018 and 2022, indicating potential undervaluation zones rather than deterministic outcomes.
The Puell Multiple, a metric tracking miner revenue, has historically signaled Bitcoin ($BTC) cycle bottoms below 0.50 since 2015 and currently reads 0.67. Source: Ali Martinez via X
Ali, an on-chain specialist known for analyzing cycle metrics, noted, “The Puell Multiple entering a discount zone indicates Bitcoin may be undervalued, suggesting a potential medium-term rebound toward $96,000.”
This metric has historically served as a useful tool to identify periods of miner capitulation and subsequent recovery, making it widely referenced among traders.
Market Context and Historical Trends
Historically, on multi-year cycles, Bitcoin drawdowns of this magnitude have often preceded recoveries. For example, during the 2021 top, BTC experienced a full-cycle retracement of roughly 77% from peak to trough before gradually regaining momentum.
In the short term, BTC/USD approached support near $80,000 (TradingView), forming a sequence of higher highs and higher lows over subsequent days. Analysts note that current volatility mirrors broader market conditions, including correlations with major indices such as the Nasdaq, as well as liquidity shifts and ETF flows.
Long-Term Outlook and Bitcoin Price Forecast 2025
On the medium-term chart, structural accumulation zones below the current price provide potential support, setting the stage for upward movement.
Current technical indicators suggest:
Consolidation above $90K may pave the way for tests of $100K and higher.
Historical price patterns, technical breakouts, and on-chain metrics like the Puell Multiple may support the case for a long-term recovery, though outcomes are probabilistic.
In summary, while short-term corrections are possible, Bitcoin’s market structure and historical tendencies indicate that the cryptocurrency could test the $102,000 range in the coming weeks.
Key Takeaways
Bitcoin has rebounded to $91,200–$91,300 after a steep decline, with early bullish momentum forming (TradingView, BTC/USD).
Technical targets suggest potential upside to $102,500, with support zones at $88,500–$89,000 acting as short-term risk checkpoints.
The Puell Multiple at 0.67 signals a potential undervaluation zone, hinting at a medium-term recovery toward $96K (Glassnode).
Historical trends and correlation with broader markets suggest that long-term bullish momentum remains plausible, despite near-term volatility.
Bitcoin was trading at around 91,196.46, up 3.96% in the last 24 hours at press time. Source: Bitcoin price via Brave New Coin
Bitcoin investors and traders are advised to monitor key support and resistance levels closely, balancing risk management with potential opportunities.