Bitcoin's $83,000 Target: Breaking Down the Key Levels for a New Bull Market

Technical analyst Nik believes Bitcoin (BTC) has confirmed a cyclical bottom but still needs to clear $83,000 to begin a new bull market. According to his analysis, Bitcoin's weekly surge from its 200-week moving average at $64,500 is one of the most decisive technical breaks in this cycle.

The Weekly RSI broke above 50 for the first time since last year, but weekly structure remains bearish until a close above May's highs near $83,000. The key level also coincides with the anchored volume-weighted average price (VWAP) from all-time highs and the 365-day rolling VWAP.

Nik views the $70,000 to $74,000 range as the most likely area for a higher-low to form if Bitcoin pulls back before clearing $83,000. He expects this zone to be front-run by traders waiting for a clean entry.

Ethereum's (ETH) weekly close also confirmed the trend shift, with price rallying from $1,827 support to close just below its 200-week moving average at $2,463 - its highest weekly close since May. A weekly close above this level opens a retest of the $2,700 to $3,000 resistance cluster.

Nik targets $4,400 as multi-year resistance for Ethereum if it breaks through this zone. He also flags Silver as ripping higher, up over 20% in a few weeks off its anchored VWAP and prior support at $55. A break and close above $73 shifts Silver into a sustained buy-the-dip regime.