Will Bitcoin Price Breakout Towards $100,000? One Candle Will Decide This Week | Bitget News

Bitcoin’s price is at a critical juncture, hovering around $84,000—its highest since January 2026. Will it maintain this momentum and surge towards $100,000? Crypto analyst Benjamin Cowen suggests that the fate of this breakout hinges on one key weekly candle close. A strong close above $82,000 could signal a genuine bull market, while a drop below may indicate a false start. With macroeconomic factors at play, this week’s close could provide traders with crucial insights into Bitcoin’s next move.

Will Bitcoin Price Breakout Towards $100,000? One Candle Will Decide This Week

As Bitcoin hovers around $84,000—its highest level since January 2026—traders and analysts are on the edge of their seats, wondering if the cryptocurrency can maintain this momentum and break through the coveted $100,000 mark. According to renowned crypto analyst Benjamin Cowen, the fate of this potential breakout hinges on one crucial factor: this week’s weekly close.

The Crucial Candle

Cowen emphasizes that a strong weekly close above $82,000 could signal a genuine breakout, while a drop below this level might lead to yet another false start. “A weekly close filters out short-lived price spikes,” he explains, noting that traders often regard it as a more reliable indicator than the volatility of a single trading session.

This week, Bitcoin has already surpassed the May 2026 high of approximately $82,500, but it faces a significant test ahead. Cowen argues that a weekly close above this threshold would bolster traders’ confidence that Bitcoin has truly entered a new bull market. Conversely, if Bitcoin falls back below this level, the recent surge could be dismissed as a mere wick—a brief spike that quickly reverses.

Macro Conditions Complicate the Picture

Adding to the uncertainty, macroeconomic conditions are presenting challenges. The 10-year Treasury yield recently topped 5%, marking its highest level in 19 years. Additionally, September’s flash PMI data came in significantly stronger than economists had anticipated. Higher yields can make risk assets like Bitcoin less appealing, complicating the outlook for traders.

“I’m trying to be less deterministic about these outcomes,” Cowen admits. “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.”

A Cautious Outlook

Cowen’s cautious stance is underscored by his recent admission that his earlier prediction for an October cycle bottom no longer aligns with the current market dynamics. His focus has shifted from predicting Bitcoin’s next move to identifying critical levels that could settle the ongoing debate among traders.

Trader Michal van de Poppe shares a similar sentiment, suggesting that while the recent correction may have already concluded, another drop toward $81,000 remains a possibility. “This week’s close may give traders the clearest answer yet on whether Bitcoin has broken out or simply teased another rally,” he notes.

Conclusion

As the cryptocurrency market holds its breath, all eyes will be on Bitcoin’s weekly close. Will it confirm a breakout towards $100,000, or will it retreat back into uncertainty? Only time will tell, but one thing is clear: this week is pivotal for Bitcoin traders.

Disclaimer: The content of this article solely reflects the author’s opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions. Understand the market, then trade. Bitget offers one-stop trading for cryptocurrencies, stocks, and gold. Trade now!