Bitcoin Analyst Predicts $90K by November Amid Bearish Sentiment
Trader Matthew Hyland argues that Bitcoin is currently sitting at a daily cycle low with a bullish divergence forming on the charts, forecasting prices above $90,000 by early November. His call comes while BTC trades near $76,000, down sharply after the Senate failed to advance the CLARITY Act, and as the market’s most vocal participants remain predominantly bearish.
Conflicting Technical Outlooks
Posting on X, Hyland noted that bears were getting excited at what he considers a daily cycle low, with a bullish divergence setup forming underneath the price action.
“See ya at $90k+ by early November,” he wrote.
Swing trader Roman replied, “Yeah, part of me really thinks this was a low,” with Hyland acknowledging that the Relative Strength Index (RSI) could fall further, though he pointed to liquidity clustered around $75,000.
“So far it was just a liquidity grab IMO,” he stated, adding that there was “not really much liquidity below” that level.
Hyland added that current prices look solid to him, even though most bears still aren’t buying the bottom narrative and are hoping for a much deeper decline.
That view contrasts sharply with more pessimistic calls on X. Analyst Ted Pillows highlighted that BTC has lost its 50-week Exponential Moving Average (EMA) and wrote:
“a drop to $70K-$72K zone is highly likely before any reversal.”
Fellow market watcher Crypto Patel has been tracking the bearish move since Bitcoin fell from $82,500 to roughly $74,900 following a rejection near an $83,000 bearish order block on the daily chart. He maintains a $50,000 target unless Bitcoin closes above $83,000 on a higher timeframe.
On-Chain Data Points to Mid-Cycle Floor
Taking a different approach, CryptoQuant contributor IT Tech focused on Bitcoin holdings rather than price structure. They observed that the 6- to 12-month supply band has climbed to 30.8% of realized cap, up from 16.2% in December last year—a pattern that aligned with the last three Bitcoin bottoms.
The analyst characterized this as a bullish setup but stopped short of declaring it the cycle low outright, noting that the original cryptocurrency is still down nearly 40% from its peak.
“this reads as mid-cycle floor building, not the cycle low.”
CLARITY Act Failure Triggers Capitulation
At the time of writing, BTC was trading near $76,000, down about 1.5% in 24 hours and nearly 5% over the past week, though still up close to 19% across the last 30 days.
The decline follows Tuesday’s Senate vote, where cloture on the CLARITY Act failed to secure the 60 votes required to advance the legislation. As reported earlier by CryptoPotato, Bitcoin short-term holders sent more than 23,000 BTC to exchanges at a loss in the aftermath, totaling nearly $1.8 billion and marking the largest capitulation event in approximately a month.
