Bitcoin Completes the Anticipated Correction to $80,000 - Is $94,000 the Next Target?

Two weeks ago, I warned that Bitcoin was approaching the $87,000 area, but that there was a high probability of a correction toward $80,000 before another attempt to break through higher resistance levels. For that reason, after the previous bullish move, I decided to position myself in the opposite direction, opening a short position around $86,000 with a clear target at $80,000. The market went on to make precisely that move. Bitcoin corrected to $80,000, approaching the 50-day exponential moving average (EMA 50), an important technical area within the current structure. Once my target was reached, I closed the entire short position, secured the profits, and used that same price level to increase my spot Bitcoin holding.

What Can We Expect From Bitcoin Now?

My main scenario remains bullish. Despite the recent correction, Bitcoin continues to show an upward trend structure on the daily timeframe, as the chart illustrates.

I consider it quite possible that Bitcoin will make another attempt to break through resistance between $87,000 and $88,000.

If Bitcoin manages to break that zone and consolidate above it, the next target I am watching is the $92,000–$94,000 area.

The key will be how price behaves when it returns to $86,000–$89,000. This time, I expect to see accumulation and buying demand rather than distribution, allowing a former resistance area to turn into support.

Bitcoin ETF flows are another factor worth monitoring. Although late September included several sessions of positive inflows, October has also brought significant outflows.

On 7 and 8 October in particular, net outflows were approximately $484.9 million and $244.1 million, respectively.

These moves show that institutional demand has not been consistent and that some selling pressure remains. However, I believe it is important to assess these figures alongside Bitcoin’s technical price structure rather than treating two negative sessions as automatic confirmation of a trend reversal.

Conclusion

The correction toward $80,000 that I anticipated has now taken place. I used the move both to close my bearish trade and to increase my exposure to Bitcoin.

My focus now turns to $87,000–$88,000. A breakout supported by demand, followed by consolidation above that area, would strengthen my bullish continuation scenario toward $92,000–$94,000.

For now, I continue to view this decline as a correction within an uptrend, not the beginning of a new bear market.