Bitcoin Price Could Rally to $94,000 as Whales Buy the Dip, Analyst Says

Highlights:

• Bitcoin whales bought more BTC during the latest price drop, and analysts are now watching for a rebound.
• Ali Martinez says Bitcoin needs to break above $84,569 to reach $89,000 and $94,000.
• CryptoQuant data shows whales are holding more Bitcoin, while demand has started to pick up after the drop.

Bitcoin could rally toward $94,000 after large investors bought the recent price dip, according to crypto analyst Ali Martinez. However, Bitcoin must first break above the key resistance level at $84,569 before a stronger recovery can take shape. The analyst sees $89,000 as the first major upside target, followed by $94,000.

In an X analysis published on October 12, Martinez pointed to whale accumulation and on-chain data as signs of a possible Bitcoin price rebound. His analysis also identified a major supply zone that could prevent BTC from moving higher.

Bitcoin Price Faces Key Resistance at $84,569 Before Potential Rally

According to Martinez, Glassnode data shows nearly 800,000 BTC previously changed hands around $84,569. This large trading volume makes the level an important resistance zone, where earlier buyers may look to sell.

As a result, Bitcoin needs to move above this price area to support a stronger bullish outlook. A successful breakout could encourage further buying and open the way toward higher targets. Meanwhile, Martinez noted that Bitcoin is testing the lower boundary of a rising price channel. This chart pattern shows an upward trading range, with the lower boundary acting as potential support.

If that support holds and Bitcoin breaks above $84,569, the analyst expects a possible move toward the channel’s midpoint near $89,000. Further gains could then push BTC toward $94,000, the upper boundary of the channel. However, both targets depend on Bitcoin maintaining support and clearing the initial resistance. 

2/5 As Bitcoin fell from $87,000 toward $80,000, whales added 16,010 $BTC over five days.

Their holdings rose from 5,247,316 to 5,263,326 BTC, representing a 0.305% increase while the price was declining. pic.twitter.com/gCf8Ow2sbr

— Ali Charts (@alicharts) October 12, 2026

Martinez also pointed to recent buying by Bitcoin whales, referring to investors who hold large amounts of BTC. Their accumulation suggests renewed interest following the market correction, although buying activity alone does not confirm a price recovery.

Bitcoin May Be Forming an October Bottom

Separately, a CryptoQuant analysis published on October 12 by XWIN Japan identified early signs of a potential bottom in the Bitcoin market. The report noted that Bitcoin faced pressure from high U.S. bond yields, elevated oil prices, slowing exchange-traded fund (ETF) inflows and investor profit-taking.

However, several on-chain indicators now suggest improving market conditions. First, Bitcoin reserves on cryptocurrency exchanges remain relatively low despite a recent increase. Lower exchange balances can reduce the amount of BTC readily available for selling.

Meanwhile, Bitcoin’s Apparent Demand indicator has recovered sharply from deeply negative levels. Although the indicator remains below zero, the improvement suggests that selling pressure may be easing. The report also found that whale holdings climbed to about 3 million BTC and stayed elevated throughout the recent correction.

CryptoQuant’s analysis also pointed to broader market conditions ahead of the November 3 U.S. midterm elections. Reduced political uncertainty after the vote could help investors reassess their market positions. Still, the report said a sustained recovery would require stronger U.S. spot buying, consistent Bitcoin ETF inflows and further demand improvements.

At the time of writing, Bitcoin was trading near $83,236, up approximately 0.13% over the past 24 hours, according to CoinMarketCap data. BTC remained about 34% below its October all-time high of $126,198.