Bitcoin (BTC) may touch the $ 50,000 level again and still would not invalidate a general “bullish thesis” after recording all-time highs, according to new research.
In its most recent market update, on October 22, the cryptocurrency trading platform Decentrader argued that after hitting and falling back from $ 67,000, there was no reason to be bearish on the price of Bitcoin.
“No significant evidence” for the price to return to $ 50,000
After Bitcoin surpassed the level that was its all-time high for six months, Concerns increased as a correction took place that wiped out 10% of their earnings in a single day.
After two falls below $ 60,000, analysts remain, however, in their prior optimism for the next few weeks and months. Filbfilb from Decentrader is no exception.
“We have been following a Bitcoin fractal pattern for several weeks, which, if it continues, its development would imply, that the next major stop to the upside for Bitcoin would be $ 72,000 if momentum can be sustained, after which the extensions of 1,618 suggest around $ 88,000 would prove to be a target of interest, which ties in with the idea that $ 100,000 will see sellers get ahead of price, “ summarized.
He noted that cooling funding rates, increased exposure to Bitcoin futures ETFs, and high buyer activity are factors favoring a further rise.
However, the weekend, when markets are usually tighter, could lead to a surprise move higher or lower, and a rally is likely to find resistance at $ 65,000, the previous high.
Filbfilb also revealed that I was prepared for a possible deeper BTC price drop, it would have to be very large to break his bullish conviction.
“If there is a significant pullback and a breakdown of the structure, $ 50,000 will be a major area of interest for us,” added.
“Although there is no meaningful evidence of this now, we are prepared for an opportunity, if it presents itself. Even if the price falls back to these levels, this does not break our general bullish thesis.”
Mathematics reinforces bulls’ decision
Like other recent findings, Fibonacci levels continue to play a critical role in evaluating potential future price points in a bullish or bearish market phase.
Bitcoin has historically had its macro cycle peaks closely related to Fibonnacci levels, opening the door to hit $ 300,000 this time.
In the same way, the next bear market from those highs should mark a bottom around current levels, with the worst-case scenario below $ 50,000.
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