CryptoQuant reports a divergence in the Bitcoin market as new whale capitulation coincides with smart money accumulation in the $80,000 to $95,000 range. Despite the recent price decline, the total balance held by whales is stabilizing, indicating that institutional and long-term investors find the current price levels attractive. This stabilization suggests the potential formation of a short-term bottom, although a full market cycle continuation is deemed unlikely at this stage. Looking ahead, CryptoQuant anticipates a possible rally into January 2026, which could either establish a lower high or challenge Bitcoin's previous all-time high. However, activity among older whales remains subdued, adding an element of uncertainty to the market's near-term trajectory.