Credible: Bitcoin needs to break through $ 94,000 to start a new bull cycle

The Credible analyst said that bitcoin BTC $94,364.09 Bitcoin -0.82% Market capitalization $1.87 trillion VOL. 24 hours $0.91 billion has to break through the $ 94,000 level to start a new wave of growth. In his opinion, as long as the price remains below this level, the market maintains a bearish trend.

According to the Elliott Wave Theory, BTC could start a five-wave impulsive upward movement if it manages to overcome this level. In this case, the next price target is $ 104,000. However, on its way to this point, bitcoin faces large sell orders in the $ 86,000 area, as well as significant demand below $ 84,000.

According to Santiment, a research company, trading volumes have been falling since the peak on January 27, 2025, and the behavior of traders indicates mixed sentiment, ranging from caution to capitulation. The main problem is that even during short-term price recoveries, transaction volumes do not increase, indicating a lack of confidence in further market growth.

Experts note that a decline in trading volumes during minor price spikes can be an early signal of weakening market momentum. If buyers are not active, the uptrend will not be able to be sustained, and any growth will remain temporary. At the same time, experts emphasize that a drop in volumes alone is not a direct bearish signal, but it may indicate a period of stagnation.