$BTC Bitcoin's recent analysis suggests a potential shift in market structure, with the cryptocurrency breaking out of a three-month descending channel ¹. This move indicates a "key shift" in market structure, potentially paving the way for further gains.

*Current Price and Trends*

Bitcoin's current price is around $86,695, with a market capitalization of $1.72 trillion ². The cryptocurrency has seen a 0.48% increase in the past 24 hours, despite facing selling pressure during the US trading session ¹.

*Technical Indicators*

Technical analysis suggests that Bitcoin has broken the floor of its rising trend channel in the medium long term, indicating a weaker initial rising rate ³. However, the currency has met its objective at $80,521 after breaking the double top formation, and the price has now risen again.

*Analyst Predictions*

Some analysts are optimistic about Bitcoin's prospects, with Timothy Peterson suggesting a 75% chance of the cryptocurrency hitting new highs in the next nine months ⁴. Peterson's analysis is based on a decade of Bitcoin price data, which suggests that the cryptocurrency tends to perform well in April and October.

*Key Levels to Watch*

Key levels to watch for Bitcoin include support at $80,000 and resistance at $92,500 ³. Additionally, the realized price for short-term whales is around $91,000, while most highly active addresses hold a cost basis between $84,000 and $85,000 ⁴.