Bitcoin Bottom Not Confirmed Until Weekly Close Above $85,000, Analyst Warns

A widely followed crypto analyst has cautioned that Bitcoin (BTC) has not yet confirmed a market bottom, arguing that a decisive weekly close above $85,000 is necessary to validate any recovery. The analysis, shared by Cheds Trading on his YouTube channel, comes as Bitcoin attempts to break out from a W-shaped double bottom pattern.

Analyst: Resistance Remains Despite Pattern Breakout

According to Cheds Trading, Bitcoin’s recent price action shows signs of a rebound, with the asset appearing to form a bullish double bottom structure. However, the analyst emphasized that this pattern alone is insufficient to declare a definitive bottom. He pointed to persistent resistance levels that have historically capped upside momentum.

The key threshold, he argued, is the $85,000 mark. Until Bitcoin can close a weekly trading session above this level, the risk of further downside remains elevated. The analyst described the current move as a breakout attempt that still faces significant selling pressure near resistance.

Broader Market Outlook: Solana and Ethereum at Risk

The analysis extended beyond Bitcoin, offering a bearish perspective on Solana (SOL). Cheds Trading characterized Solana’s recent price increase as a mere rebound within a larger downtrend, suggesting that the asset is likely to encounter resistance before reselling lower.

On Ethereum (ETH), the analyst warned that a breach of the critical $2,150 support level could trigger a major correction. This level has acted as a floor for ETH during recent market volatility, and a breakdown would signal a shift in market structure.

Why This Matters for Traders and Investors

For market participants, the distinction between a temporary rebound and a confirmed bottom is crucial. A weekly close above $85,000 would provide stronger evidence that Bitcoin has established a support base, potentially attracting institutional and retail buying interest. Conversely, failure to hold current levels could extend the bearish phase.

The warnings on Solana and Ethereum also highlight the fragile state of the broader altcoin market, where many assets remain dependent on Bitcoin’s directional lead.

Conclusion

While Bitcoin’s recent price action shows technical improvement, the analyst community remains divided on whether the worst of the selloff is over. The $85,000 weekly close threshold stands as a critical test for bulls. Until that level is reclaimed, caution is warranted.

FAQs

Q1: What is a double bottom pattern in Bitcoin?
A double bottom is a bullish reversal pattern that forms after a price decline, resembling a ‘W’ shape. It suggests that selling pressure is exhausted and a trend reversal may be underway, though confirmation requires a break above the pattern’s neckline.

Q2: Why is a weekly close above $85,000 important?
A weekly close above $85,000 would confirm that buyers have absorbed selling pressure at that level, turning it into a support floor. Without this confirmation, the market remains vulnerable to further declines.

Q3: What happens if Ethereum loses the $2,150 support?
A breakdown below $2,150 could trigger a significant selloff in Ethereum, as it would invalidate a key support level and potentially lead to liquidations of leveraged long positions, accelerating the decline.