Bitcoin Faces Crucial Test Around $83K, Analyst Warns

Bitcoin's recent price action has left analysts concerned that it may fall below $50,000 if it fails to reclaim the $83,000 level soon. According to Crypto Patel, a daily close above $83,000 could shift Bitcoin's next targets towards $89,000-$91,000 before a potential run at $100,000.

The market watcher's broader view remains bearish while BTC trades below $83,000, with a strong daily close above that level needed to invalidate the setup. Patel describes this area as a bearish order block, where sellers could attempt to regain control.

A rejection at resistance would leave $65,000 to $50,000 as relevant downside levels. However, if Bitcoin's four-year cycle pattern repeats, Patel sees a path toward $300,000.