Crypto market analysts are eyeing one more Bitcoin flush near $104,000 before the crypto bull market will have a chance to restart, based on historical patterns.
Bitcoin’s long-term support technical indicator is the 50-week simple moving average, and that currently stands at around $102,500 according to TradingView.
It has served as solid support four times since the bull market began in mid-2023 and is likely to be revisited again, analysts said.
There is still a lot of leverage in the market and a large liquidity cluster around $104,000, observed analyst ‘Sykodelic’ on Thursday.
“I know its not what any holder wants to hear, but very likely we take that out.”
“The market always feels the worst right before it reverses,” the analyst added before observing that the last two times Bitcoin (BTC) markets hit the indicator were in April 2025, when it fell to $74,000 and August 2024, when it crashed to $49,000.
“Both times, sentiment was absolutely fried, just like it is now. And then each time, it reversed hard after tagging that level.”
Final phases of correction
Other analysts, such as ‘Negentropic’, shared the bearish sentiment, stating that this will be the final flush.
“We are seeing a repeat of the final phases of correction in September, it seems like the profit taking this time around is less intensive.”
The analyst added that the current setup “opens the door to $102,000,” and we are very close now to a larger reversal.
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“Bitcoin may retrace to $104,000 as part of a healthy market correction, driven by profit-taking and macroeconomic uncertainties. However, the underlying fundamentals and institutional interest remain robust, setting the stage for a strong resumption of the bull market,” director at LVRG Research Nick Ruck told Cointelegraph.
Fellow analyst ‘Daan Crypto Trades’ identified the 200-day exponential moving average as a key area of support during most of this cycle. “There has been some chop around it during uncertain times, but in the end price never lost the trend for more than a month,” he said.
BTC facing resistance
Bitcoin has remained relatively stable over the past 24 hours, hovering around the $108,000 level, which is a key support-turned-resistance zone.
It briefly spiked to $113,000 on Tuesday but quickly fell back to $107,000 before settling at the resistance level, where it has started to consolidate.
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