Bitcoin briefly touched $85K this week, capping a 6% rally—but the next move remains hotly debated. Veteran trader Peter Brandt warns of a possible bearish reversal, citing a rising wedge pattern on the 4-hour chart that could drag BTC down to $76K. “The move from April lows looks more corrective than impulsive,” Brandt noted.

But others see opportunity. Coinbase analysts highlighted increased activity from long-term holders (LTH), interpreting it as a signal that BTC is entering a “fair value” buy zone. While not a guarantee of a price spike, it shows confidence returning to the market after weeks of profit-taking by the same LTH group.

Adding to the bullish camp, analyst Stockmoney Lizards pointed to a “max pain” accumulation range between $72K–$74K. A breakout above $85K, they argue, could ignite the next leg up. Similarly, Michael van de Poppe sees RSI divergence as a strong bullish indicator, expecting further upside if BTC holds above $80K.

In the short term, eyes are on three critical levels: $86K, $84K, and $82.7K, all acting as liquidity magnets, according to Coinglass data.

Whether this is the dip to buy or the calm before another drop, traders may want to brace for volatility.

This article is for informational purposes only and does not constitute investment advice.