Analysts Expect Bitcoin (BTC) Price to Test $92,000: Here’s Why

Bitcoin’s (BTC) recent drop below $100,000 has reignited debate among traders about where the next bottom might form.

Crypto analyst Ted Pillows believes that if BTC fails to hold current levels, the market could retest the $92,000 zone, an area tied to an unfilled CME gap that Bitcoin may need to “close” before resuming its uptrend.

A CME gap refers to a price difference that appears on Bitcoin futures traded on the Chicago Mercantile Exchange (CME). The gap forms because CME pauses trading on weekends while the crypto market runs 24/7. When trading resumes, the price often opens higher or lower, creating a space that traders expect to be “filled” as the market revisits that level.

Can Bitcoin Price Hold $92,000?

The $92,000 range could become a key battleground for bulls. The recent dip below $100,000 already triggered panic and a wave of liquidations, and another leg down would test market psychology even further.

Some analysts see this potential move as a final washout before the next leg higher, while others warn the price could slide even deeper, possibly to $77,000.

Interestingly, BTC last began its rally from roughly this same area back in April 2025, suggesting historical support may once again come into play.

Source: TradingView

Some traders had already anticipated such a correction. Back in September, several analysts pointed to a potential pullback before Bitcoin’s next leg higher, outlining two possible scenarios: one in which BTC would bounce from $104,000, and another in which it would drop deeper to retest lower levels.

So far, Bitcoin has broken below $100,000 but hasn’t yet touched $98,000, leaving untested liquidity zones below. This area could either act as a springboard for reversal or signal more downside pressure ahead. On the upside, liquidity remains dense as well. CoinGlass data on the 7-day liquidation heatmap shows a key liquidity cluster around $108,633, which may attract price action if BTC reverses upward, potentially triggering volatility as sellers defend that level.

Source: CoinGlass

Is the Market Cycle Theory Still Working or Is BTC Breaking It?

Optimism around “Uptober” and a possible November rally was largely built on market cycle theory, which suggests crypto runs in four-year phases: accumulation, growth, distribution, and decline. But this framework isn’t universal, and recent market behavior shows it’s becoming less reliable.

The sharp Oct. 10 crash reignited fear and pessimism, with some traders arguing that Bitcoin is now in the distribution stage of its cycle. Others believe the market may be entering a longer, institution-driven phase, where macro forces matter more than sentiment.

As researcher Aylo noted:

What we have now is volatility compression, longer macro cycles, and tighter correlation to real rates and macro flows, not sentiment-driven ‘chart breakouts’.

According to Arthur Cheong, CEO and CIO of DeFiance Capital, institutional players remain largely resilient, while retail investors once again bear the brunt of the downturn:

Crypto retail wealth destruction from this cycle will likely exceed the year 2022 even in the absence of any large entity or protocol blowing up, due to the scale of malinvestment if Bitcoin goes down another 20% from here.

For now, Bitcoin remains under pressure as traders look for signs of stabilization around key support zones. The $92,000 area could serve as an important technical and psychological level, especially with CME and liquidity gaps nearby. Whether this is the final leg of the correction or the start of a longer downturn will likely depend on broader macro trends and institutional flows in the coming weeks.

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