Trader Matthew Hyland says Bitcoin is sitting at a daily cycle low with a bullish divergence forming on the charts, and he’s calling for prices above $90,000 by early November.
He’s making that call even as $BTC trades near $76,000, down sharply since the Senate failed to advance the CLARITY Act, and while most of the market’s loudest voices are still leaning bearish.
One Analyst Sees a Bottom, Bears See a Trap
Hyland posted on X that bears were getting excited right 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 RSI could fall further, although he pointed to liquidity 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. Additionally, he said current prices look solid to him, even though most bears still aren’t buying it and are hoping for a much deeper decline.
That view runs against more pessimistic calls on X, including from analyst Ted Pillows, who pointed out that $BTC has lost its 50-week EMA and wrote that “a drop to $70K-$72K zone is highly likely before any reversal.”
Fellow market watcher Crypto Patel has been calling the bearish move since Bitcoin fell from $82,500 to about $74,900 after being rejected near an $83,000 bearish order block on the daily chart, and he’s holding a $50,000 target unless Bitcoin closes above $83,000 on a higher timeframe.
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Meanwhile, CryptoQuant contributor IT Tech took a different approach, focusing on Bitcoin holdings rather than price structure. They pointed out 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 lined up with the last three Bitcoin bottoms.
The analyst called it a bullish setup but stopped short of calling it the cycle low outright, noting that the OG cryptocurrency is still down nearly 40% from its peak and that “this reads as mid-cycle floor building, not the cycle low.”
Bitcoin’s Price Action and the CLARITY Act Fallout
$BTC was trading near $76,000 at the time of writing, down about 1.5% in 24 hours and nearly 5% over the past week, although it’s still up close to 19% across 30 days.
The drop follows Tuesday’s Senate vote, when cloture on the CLARITY Act failed to gather the 60 votes needed to move the bill forward. As CryptoPotato reported earlier, Bitcoin short-term holders sent more than 23,000 $BTC to exchanges at a loss in the aftermath, worth close to $1.8 billion, marking the largest capitulation event in about a month.
