Bitcoin May Revisit Record High if It Breaks Above $87,165 as Market Reset Completes

Bitcoin is testing a move above its 20-month moving average, a long-term trend line that could open the way for a broader advance if breached, Cointelegraph reported, citing an analysis from CryptoQuant.

CryptoQuant, an on-chain analytics firm, said on October 16 that Bitcoin was meeting resistance near its 20-month simple moving average, or SMA. In past cycles, the cryptocurrency went on to form new cycle highs after breaking above that level.

Bitcoin's 20-month moving average stood at $87,165 as of that day, according to CryptoQuant. The level also serves as the middle line of the Bollinger Bands, a volatility indicator. In CryptoQuant's market cycle framework, it is classified as a key price zone where bullish and bearish trends can reverse.

The upper Bollinger Band currently stands at $121,640, while the lower band is at $52,694. CryptoQuant defines the area between the lower band and the 20-month moving average as an accumulation-based zone. It describes the moving average itself as a boundary line for trend reversals. In December last year, Bitcoin broke below that moving average, triggering heavier selling pressure.

CryptoQuant contributor GugaOnChain said the market's reset process had been completed nearly a year after Bitcoin hit its all-time high of $124,709 on October 6, 2025. He added that it was too early to view the current price range as the top of the current upcycle, arguing that on-chain indicators still showed room for further gains.

Still, major resistance has formed near the 20-month moving average. Bitcoin's opening price for this year was $87,490, close to that moving average, and exchange order books show a large buildup of sell orders around the same range. As a result, whether Bitcoin can break through the $87,000 zone is seen as a key factor for its next move.

CryptoQuant said other on-chain indicators also point to the possibility of a recovery in upward momentum. More recently, another contributor, Xwin Research Japan, expressed cautious optimism that Bitcoin's upward momentum could recover by the end of this month based on three on-chain indicators.

Earlier, CryptoQuant Chief Executive Officer Ki Young Ju said in late August that the bear market had ended, citing a bull-bear market cycle indicator. That gauge rose to 0.186 recently from 0.042 in August, strengthening the bullish signal. Still, technical indicators such as moving averages and Bollinger Bands alone cannot confirm further price gains, meaning Bitcoin still needs to break through key resistance levels.