Bitcoin, which appeared poised to move above $85,000 last week, ultimately fell back below $80,000. Ali Martinez said the break of a rising parallel channel on the four-hour chart could lead Bitcoin toward $72,500 if $82,000 holds as resistance, but he considers the pullback a buying opportunity. Another analyst anticipates a possible decline toward $62,000 after the immediate $79,200 support is lost, followed by a rebound above $90,000. Martinez, who quantified the declines recorded after the 2010, 2014, 2018 and 2022 midterm elections, advises taking partial profits in late October and potentially buying back around $73,000 after the November 3 elections. Large-holder activity supports the bullish scenario: 40 newly created wallets withdrew more than $770 million worth of Bitcoin between October 1 and October 23, while investors holding between 10 and 10,000 BTC accumulated nearly 90,000 coins in one month.
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