Bitcoin: Here’s Why $92,000 Could Be the Next Level to Watch

In a recent tweet, the analyst stated that this level “makes a lot of sense to be honest” and indicated that reaching this area in the near future would not be surprising.

Altcoin Sherpa also pointed out the presence of a CME gap from a previous trading period, with a new gap forming above the current price action. CME gaps are often monitored by traders as potential future price targets, as markets sometimes move to “fill” these gaps.

$BTC: I think 92k makes a lot of sense to be honest, wouldn’t be surprised to see us tap that area in the short term. CME Gap from before (there’s a new one above). I’m still in buy the dip mode but I’m much slower to do so right now given conditions and not rushing in. pic.twitter.com/RHMZ28eZwF

— Altcoin Sherpa (@AltcoinSherpa) May 5, 2025

Despite the bullish short-term outlook towards the $92,000 level and the presence of CME gaps, the analyst noted a cautious approach. They stated, “I’m still in buy the dip mode but I’m much slower to do so right now given conditions and not rushing in.”

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This suggests that while Altcoin Sherpa sees upside potential for BTC, they are exercising patience and carefully evaluating market conditions before entering new positions. The accompanying chart likely provides further visual context for this analysis, highlighting key price levels and potential areas of interest for traders.

Altcoin Sherpa suggested also that the current Bitcoin price level could potentially be a local low. However, he stated that he needs to see “more wicks down there” to gain further confirmation. He also indicated that he does not believe the price is likely to reverse sharply in the immediate future based on current observations.

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