- Bitcoin’s surge toward $87,000 was rejected at the top of a channel that has capped price for more than two weeks, according to Ali Martinez.
- Whales sold more than 30,000 BTC on the way up. His October 1 note put that reduction at about $2.52 billion.
- He is watching the bottom of the channel near $82,500 as the immediate downside target.
- The buy confirmation he names is a tag of $82,500 plus whales accumulating again. The rebound target is $87,000.
Bitcoin’s move toward $87,000 was compromised before it got going. Ali Martinez (@alicharts) says two things hit the rally at once: whales were taking profits on the way up, selling more than 30,000 BTC, and $87,000 marked the top of a channel that has rejected Bitcoin for more than two weeks.
Price has been rejected at that channel top again. The level he is watching now is not the current print. It is the bottom of the channel, near $82,500.
The $87,000 rejection
Ali’s post is specific. The surge toward $87,000 did not get through the channel top. That top has rejected Bitcoin for more than two weeks. On the way up, whales were selling more than 30,000 BTC.
The 30,000 BTC figure comes from his October 1 note, which he quoted with this post. That note said Bitcoin whale holdings had fallen by roughly 30,000 BTC, worth about $2.52 billion, and that large holders appeared to be reducing exposure. He does not call it a coordinated sale, and he does not tie it to a share of daily volume.
The level he is watching
After the latest rejection, Ali says he is watching the bottom of the channel near $82,500 as the immediate downside target. That is the level in the post. He does not name $84,000, or the current price, as channel support.
His buying condition is also conditional. If Bitcoin reaches $82,500 and whales begin accumulating again, that could provide the confirmation he is looking for to buy the dip and target another rebound toward $87,000.
The rebound he names is toward $87,000. He does not say a close above $87,000 is the confirmation, and he does not set a target beyond that rebound.
Bullish scenario
Bitcoin reaches $82,500 and whales begin accumulating again. That is the confirmation Ali says he is looking for. From there, the target he names is another rebound toward $87,000, the channel top that has rejected price for more than two weeks.
Bearish scenario
Bitcoin does not tag $82,500, or it tags that level and whales do not start accumulating. In that case the confirmation he described is not there. He does not set a lower invalidation, and he does not call the $87,000 rejection a cycle top.
The post is a conditional dip setup, not a claim that the current price is the entry. The channel top is $87,000. The downside level he is watching is $82,500. The buy signal he names is that level plus whale accumulation, with a rebound toward $87,000.
Frequently Asked Questions
Why did Bitcoin get rejected at $87,000? Ali says $87,000 marked the top of a channel that has rejected Bitcoin for more than two weeks, and whales sold more than 30,000 BTC on the way up.
What level is he watching? The bottom of the channel, near $82,500. That is his immediate downside target.
What would confirm the buy for Ali? Bitcoin reaching $82,500 and whales accumulating again. The rebound he would then target is toward $87,000, not a close above it.
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