Bitcoin's Critical Moment: Will It Climb to $123K or Drop to $94K?

Bitcoin is trading near a key technical level, with analysts divided on whether the current structure indicates a wider correction or the beginning of a fresh rally. Recently, it bounced back from $111,000 but stalled before hitting the resistance levels between $117,000 and $119,000, which many predict as a crucial test.

The next movement could determine if Bitcoin wraps up its current corrective phase or begins a more considerable upward trend.

Macro Correction or Impulsive Breakout?

Analyst CasiTrades suggests that Bitcoin remains in a macro ABC correction pattern, typically demonstrated in Elliott Wave Theory. She asserts that the A wave seems to be completed, and the market is currently in a B wave recovery. The structure of the B wave implies targets between $117,100 and $119,500.

“This is the final resistance zone that could cut off the B wave,” CasiTrades stated.

A move beyond $123,500 would challenge this theory, suggesting the initiation of a new upward momentum. However, if Bitcoin gets rejected at the current resistance, a C-wave decline may follow, targeting between $97,000 and $94,000.

Support Holding, But Fed and Volatility Ahead

Ted Pillows remarked that BTC recently survived a drop to $113,500, asserting, “as long as Bitcoin maintains this level, we are headed higher.” Nonetheless, he cautioned that failure to hold this level could lead to a correction towards $110,000.

$BTC bounced back from its $113,500 support zone.
As long as Bitcoin holds this, we are going higher.
If BTC loses this level, expect a correction towards the $110,000 level. — Ted (@TedPillows) October 28, 2025

Market participants are closely monitoring the upcoming Federal Reserve’s policy meeting, with historical data indicating that significant price moves for Bitcoin often occur in November. Analysts point out crises and opportunities in the last months of the year based on past market analyses.