Bitcoin could retreat to $ 50,000 and still not invalidate the general “bullish thesis” after breaking its all-time high (ATH).
In its latest market update on October 22nd, Decentrader Arguments that after touching and dropping $ 67,000 there is no reason for Bitcoin price to drop.
No evidence of $ 50,000 bitcoin retest
After Bitcoin broke its six-month ATH, concerns grew as a correction unfolded and wiped out 10% of previous gains in just one day.
After two drops below $ 60,000, analysts remain bullish on their optimism for the coming weeks and months. Decentrader’s Filbfilb is no exception.
“We have been following the fractal pattern of Bitcoin for a few weeks now, if the momentum continues, the next big stop for Bitcoin will be at 72,000 US dollars, then the 1,618 Fib would be one with 88,000 US dollars. The goal is busy with the idea, that $ 100,000 will see sellers running up front. “
Filbfilb points out that the cooling in funding rates will increase Bitcoin futures ETF exposure and strong buyer support as it all continues to benefit upward.
However, the weekend of typically seeing high volatility, low liquidity markets could result in an unexpected move up or down, with earnings likely to face resistance at the lows.
Filbfilb also revealed that Bitcoin is poised for a possible deeper decline – one that will still take a lot of work to break its bullish conviction.
“If there is a significant structural reversal and break, then $ 50,000 would be a significant area of interest for me.”
“Although there is currently no evidence why not be ready to take it when the opportunity presents itself, right? Even if the price does return to these levels, Bitcoin will not break my general bullish thesis. “
BTC / USD 1 hour candlestick chart | Source: TradingView
The math builds the cops’ resolve
As with other recent discoveries, Fib continues to play an important role in predicting possible future price points during bull or bear market periods.
Bitcoin has historically seen its macro cycle peaks come from the Fib chain, which opened the door to $ 300,000 at the time.
Similarly, from such a high, the next bear market will bottom around the current level with a worst-case scenario of just under $ 50,000.
BTC / USD chart with Fibonacci levels highlighted | Source: Decenttrader
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According to Cointelegraph