Analysts hold their $250K Bitcoin price target even as BTC falls below $60K

Analysts hold their $250K Bitcoin price target even as BTC falls below $60K


Bitcoin (BTC) briefly fell below $60,000 on Oct. 22 as a correction after all-time highs deepened concerns about the market’s strength.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Trader eyes $56,000 minimum BTC buy-in

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting lows of $59,930 on Bitstamp, down another 6% on the day.

A rebound took the pair back above the $60,000 mark, but caution remained the name of the game as the week saw the price slide below $61,000.

“Was watching that $64K zone as a crucial level to break and the market has failed, so a corrective move is taking place,” Cointelegraph contributor Michaël van de Poppe summarized the situation.

bybit

“Overall; looking at $56–$59K as a good spot to buy Bitcoin.”

The previous all-time high at $64,900 turned out to provide little by way of new support, instead becoming more of a repeat resistance zone as bulls had little luck securing their newly-won gains.

Optimism, as is customary, came only from those adopting a longer-term perspective. Among them was popular Twitter analyst TechDev, who stressed that 2021 was still conforming to historical bull market trends.

“Final BTC impulse has ALWAYS been five degrees steeper than the run-up to the mid-cycle peak,” he noted alongside a comparative chart.

“Holding true so far. If it continues, and the $228K–$250K window is hit (two most historically reliable fib-based targets)… It would happen end of Jan. Will be interesting to watch.”

BTC/USD annotated chart. Source: TechDev/ Twitter

Ethereum tests traders’ resolve

Bitcoin thus relinquished the limelight to altcoins on shorter timeframes, the top twenty cryptocurrencies by market cap being led by Solana (SOL), up 13% in 24 hours.

Related: Bulls fight to keep Ethereum price above $4K ahead of Friday’s $435M options expiry

Ether (ETH), fresh from a failed attempt to crack new all-time highs, dropped below $4,000 after a brief rebound.

ETH/USD 1-hour candle chart (Bitstamp). Source: TradingView

Bitcoin’s market cap share stood at 45.7%, reflecting the relative strength of alt markets toward the weekend.

The October “worst case scenario,” as Cointelegraph previously reported, meanwhile demands a $63,000 monthly close for BTC/USD.



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

You have not selected any currency to display

Pin It on Pinterest

Top-Crypto
Fiverr
Top-Crypto
Analysts hold their $250K Bitcoin price target even as BTC falls below $60K
bybit
undefined
undefined
Binance
Ethereum ETFs inflows surge while Bitcoin ETFs see major outflows
Ethereum (ETH) Price Analysis: ETH to $22k? Network Activity at Highs, Analysts Bullish
Ethereum (ETH) Shows Strength Following $3,441 Peak
Justin Sun Files Request for 53,000 ETH Withdrawal from Lido
Ethereum Price Analysis: Why is ETH Under-Performing This Year?
Ethereum (ETH) Shows Strength Following $3,441 Peak
Coinmama
Changelly
Dogecoin (DOGE) Skyrockets 16% Daily as Analysts Set $1 Target
XRP Price Prediction for December 31
South African Authorities Arrest Man Accused of Using Bitcoin to Fund Terrorist Activities
Fidelity adds 5K Bitcoin in past week, now holds nearly 1% of all BTC
The 'MicroStrategy of Dogecoin' Launches DOGE Yield Strategy, Eyes Bitcoin and Solana Expansion
Dogecoin (DOGE) Skyrockets 16% Daily as Analysts Set $1 Target
XRP Price Prediction for December 31
South African Authorities Arrest Man Accused of Using Bitcoin to Fund Terrorist Activities
Fidelity adds 5K Bitcoin in past week, now holds nearly 1% of all BTC