Bitcoin Must Rebound Above $83K or Risk Steep Decline

Bitcoin's price action has been stuck between $79,000 and $83,000, according to analyst Crypto Patel. He notes that this area is a bearish order block where sellers could regain control.

A daily close above the $83,000 resistance level would shift Bitcoin's next targets towards $89,000-$91,000 before potentially reaching $100,000, Patel says.

However, if Bitcoin fails to reclaim this level, it could slide towards $68,000, $62,000, and eventually $50,000. Patel also sees a path towards $300,000 if Bitcoin's four-year cycle pattern repeats, but this would depend on the historical rhythm continuing.