Bitcoin traders remain split over whether the recent slide marks a bottom, and one widely followed chart analyst is firmly in the bullish camp.

Trader Matthew Hyland says Bitcoin is sitting at a daily cycle low, with a bullish divergence forming on the charts, and he is calling for prices above $90,000 by early November.

He is making that call even as $BTC trades near $76,000, down sharply since the Senate failed to advance the CLARITY Act, and while most of the market's loudest voices are still leaning bearish — a split that now spans chart structure, on-chain supply data, and regulatory headlines.

One Analyst Sees a Bottom, Bears See a Trap

In a post on X, Hyland said bears were getting excited right at what he considers a daily cycle low, with a bullish divergence setup forming beneath the price action. "See ya at $90k+ by early November," he wrote.

A bullish divergence is the pattern technical traders flag when price makes lower lows while a momentum indicator such as the RSI makes higher lows, a setup read as selling pressure fading. Cycle lows are the recurring swing points cycle analysts watch as candidates for short-term bottoms.

Swing trader Roman replied, "Yeah, part of me really thinks this was a low." Hyland acknowledged that the RSI could fall further, although he pointed to liquidity around $75,000. "So far it was just a liquidity grab IMO," he stated, adding that there was "not really much liquidity below" that level. He added that current prices look solid to him, even though most bears still aren't buying it and are hoping for a much deeper decline.

That view runs against more pessimistic calls on X. Analyst Ted Pillows pointed out that $BTC has lost its 50-week EMA — a trend gauge that smooths roughly a year of weekly closes and is widely watched as a bull-bear reference — and wrote that "a drop to $70K-$72K zone is highly likely before any reversal."

Fellow market watcher Crypto Patel has been calling the bearish move since Bitcoin fell from $82,500 to about $74,900 after being rejected near an $83,000 bearish order block on the daily chart. He is holding a $50,000 target unless Bitcoin closes above $83,000 on a higher timeframe.

On-Chain Data Points to Floor Building

CryptoQuant contributor IT Tech took a different approach, focusing on Bitcoin holdings rather than price structure. They pointed out that the 6- to 12-month supply band has climbed to 30.8% of realized cap, up from 16.2% in December last year — a pattern that lined up with the last three Bitcoin bottoms.

Realized cap values each bitcoin at the price of its last on-chain movement, so supply bands sorted by coin age show how much of the network's value sits with holders of a given vintage — a gauge analysts use to track whether longer-term or newer buyers hold the supply.

The analyst called it a bullish setup but stopped short of calling the cycle low outright, noting that the OG cryptocurrency is still down nearly 40% from its peak and that "this reads as mid-cycle floor building, not the cycle low."

Bitcoin's Price Action and the CLARITY Act Fallout

$BTC was trading near $76,000 at the time of writing, down about 1.5% in 24 hours and nearly 5% over the past week, although it remains up close to 19% across 30 days.

The drop follows Tuesday's Senate vote, when cloture on the CLARITY Act failed to gather the 60 votes needed to move the bill forward. The measure, which cleared the House earlier this year, is designed to divide digital asset oversight between the SEC and CFTC, and its stalled Senate path leaves that market-structure question unresolved. As CryptoPotato reported earlier, Bitcoin short-term holders — coins moved on-chain within roughly the past 155 days, a cohort analysts treat as newer, more price-sensitive buyers — sent more than 23,000 $BTC to exchanges at a loss in the aftermath, worth close to $1.8 billion — marking the largest capitulation event in about a month.