Bitcoin (BTC) could return to $ 50,000 and still not break the general “bullish thesis” after breaking an all-time high, argues new research.
In their latest market update on October 22nd, crypto exchange Decentrader argued that there is no reason Bitcoin price should fall after it hit and fell from $ 67,000.
“No Substantive Evidence” for $ 50,000 backtesting
After Bitcoin broke its six-month all-time high, concerns grew when a correction took place that wiped out 10% of its gains in just one day.
After two drops below $ 60,000, analysts are sticking to their earlier optimism for the coming weeks and months. Decentrader’s Filbfilb is no exception.
“We’ve been following Bitcoin’s fractal pattern for a few weeks now, if it continues this way it means the next major stop for Bitcoin will be at $ 72,000 if momentum is to follow. Can be sustained, then 1,618 extensions.” the idea of doing that a set of items worth $ 100,000 will be sold.
He pointed out that cooling funding rates, increased exposure to Bitcoin futures ETFs and strong buyer support suggest further upside potential.
However, the weekend of typically seeing thinner markets could result in an unexpected move up or down, with gains likely to face resistance at $ 65,000 – the old high.
Filbfilb also announced that he is ready for a possible deeper BTC decline – one that will still take a lot of work to break his bullish beliefs.
“If there is a significant structural reversal and rupture, $ 50,000 will be a significant area of interest for us,” he added.
“While there is currently no substantial evidence of this, we are prepared for an opportunity when it presents itself. Even if the price falls back to these levels, it will not break our general bullish thesis. “
Math builds the cops’ resolve
As with other recent discoveries, Fibonacci levels continue to play an important role in estimating possible future price points during bull or bear market periods.
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Bitcoin has historically had its macro-cyclical highs from the Fib chain, which opens the door to $ 300,000 at the time.
Similarly, the next bear market will be off such a high around current levels, with a worst case scenario of just under $ 50,000.