Even if Bitcoin’s price drops below $50,000, analysts are still positive —
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Although it seems odd, one researcher believes Bitcoin has a lot more opportunity to deceive bears into a false feeling of security.
After breaching all-time highs, Bitcoin (BTC) may return below $50,000 without violating an overall “bullish thesis,” according to new study.
Decentrader, a crypto trading platform, said in its latest market update on Oct. 22 that there was no reason to be pessimistic on Bitcoin after it touched and retraced from $67,000.
For a $50,000 retest, there is “no meaningful evidence”
Concerns increased after Bitcoin broke an all-time high that had been in place for six months, and a correction occurred that wiped 10% of its gains in a single day.
Despite two drops below $60,000, economists have maintained their bullish outlook for the coming weeks and months. Filbfilb by Decentrader is no exception.
“We’ve been following a Bitcoin fractal pattern for a few weeks now, and if it holds, the next major stop higher for Bitcoin would be $72k if momentum is maintained, after which the 1.618 extensions suggest around $88k would be a target of interest, which ties in with the idea that $100k will see some front running by sellers,” he concluded.
Cooling financing rates, more exposure from Bitcoin futures exchange-traded funds, and robust buyer support, according to him, are all supportive of additional gains.
The weekend, when markets are normally weaker, might offer a surprise move up or down, with an upswing likely encountering resistance above $65,000, the previous high.
Filbfilb also stated that he was prepared for a deeper BTC price drop, but that he would have to work very hard to overcome his optimistic belief.
“$50k will be a key region of interest to us if there is a substantial reversal and break in structure,” he continued.
