Probably not, but one analyst speculates that Bitcoin (BTC) has a lot more room to lure bears into a false sense of security.
Decentrader: Bitcoin (BTC) has no reason to fall
New research argues that Bitcoin (BTC) could return to $50,000 and still doesn’t violate a general “bullish thesis” after breaking ATH levels. In its latest market update on October 22, crypto trading platform Decentrader argued that there is no reason to go bearish for Bitcoin after it hit $67,000 and pulled back.
“No substantial evidence” for $50,000 retest
After Bitcoin broke its all-time high for six months, concerns have risen as a correction took place that wiped out 10% of its gains in a single day. After two dips below $60,000, analysts still stuck to their previous optimism for the coming weeks and months. Decentrader’s analyst, Filbfilb, who knows $3,150, $6,500, $10,000, and $3,800 in Bitcoin, said he was no exception. Filb also points to these levels for sequel:
We’ve been watching a Bitcoin fractal pattern for a few weeks now, which means if the momentum can be maintained the next big stop for Bitcoin will be $72,000, after which 1,618 extensions, around $88,000 proving to be a target of interest, which means $100,000 will get some lead by the sellers. connected with the idea.
It pointed to cooling funding rates, greater exposure from Bitcoin futures ETFs, and strong buyer support, all of which helped push higher. The weekend, which typically sees weaker markets, could produce a surprise move up or down, but the upside is likely to meet the former high resistance at $65,000.
Filbfilb also revealed that he is ready for a deeper potential BTC price drop – which would still have to work hard to break his bullish belief. The analyst says:
If there is a significant reversal and break in the structure, $50,000 will be of major interest to us. While there is no substantial evidence of this at the moment, we are poised for an opportunity should it arise. Even if prices return to these levels, it does not break our general bullish thesis.
Math strengthens bulls’ determination
As with other recent findings, Fibonacci levels continue to play an important role in assessing possible future price points in an up or down market phase. Bitcoin (BTC) has historically rooted macro cycle tops in Fib sequences, opening the door to finding $300,000 this time around. Similarly, the next bear market from such highs should bottom at current levels, with the worst-case scenario just under $50,000.
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