Bitcoin price currently hovers around $84,000, its highest level since January 2026. But will BTC maintain this range and trigger a breakout towards $100,000?
According to Crypto analyst Benjamin Cowen, it comes down to one candle – Bitcoin’s weekly close. A strong weekly close above $82,000 could confirm the breakout. A drop back below it could turn the move into another false start.
Note: A weekly close filters out short-lived price spikes. Traders often see it as a stronger signal than what happens during a single volatile session.
Bitcoin’s Breakout Still Has One Big Test
Cowen argues that a weekly close above the May highs, which is around $82,500, would give traders more confidence that Bitcoin has genuinely entered a new bull market.
If Bitcoin falls back below that level, the breakout could end up as a wick (a brief move higher that quickly reverses).
Macro conditions are making that test more difficult. The 10-year Treasury yield topped 5% on Wednesday, reaching its highest level in 19 years.
Meanwhile, September’s flash PMI data came in much stronger than economists expected.
Higher yields can make risk assets such as Bitcoin less attractive.
“I’m trying to be less deterministic about these outcomes… For breakout traders, I think the weekly candle is worth watching closely for either confirmation of the breakout or a failed move back into the range, particularly with rates rising into a supply shock.”
Bitcoin Is Not Predictable Anymore
This caution matters because Cowen recently admitted that his earlier call for an October cycle bottom no longer matched the market.
His latest view is therefore less about predicting Bitcoin’s next move and more about identifying the level that could settle the debate.
Trader Michaël van de Poppe sees a similarly uncertain setup. He says the recent correction may already be over, although another drop toward $81,000 remains possible.
This week’s close may give traders the clearest answer yet on whether Bitcoin has broken out or simply teased another rally.
The post Will Bitcoin Price Breakout Towards $100,000? One Candle Will Decide This Week appeared first on BeInCrypto.
