Bitcoin Must Reclaim This Level Soon or Risk Slide Toward $50K: Analyst

Bitcoin is trading near $78,000 after failing to hold above the $82,500 resistance zone, leaving $83,000 as the level analyst Crypto Patel says must be reclaimed to change its bearish higher-timeframe structure.

A rejection could put $68,000, $62,000, and eventually $50,000 back on the table, although Patel also sees a path toward $300,000 if Bitcoin’s four-year cycle pattern repeats.

Bitcoin Faces Another Test Around $83K

In a September 8 post on X, Crypto Patel said Bitcoin had been rejected from $82,500, a resistance area he had identified in an earlier analysis on September 7. 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.

Bitcoin’s recent recovery began around $57,800, but the move has run into resistance between $79,000 and $83,000. Patel described this area as a bearish order block, where sellers could attempt to regain control.

A daily close above $83,000 followed by a successful retest would open the way towards $89,000 to $91,000 and then potentially $97,000 to $100,000, based on Patel’s September 7 analysis. However, failure at resistance would leave $65,000 to $50,000 as relevant downside levels.

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