Even if BTC falls below $60,000, analysts still maintain a Bitcoin price target of $250,000

Bitcoin (Bitcoin) It briefly fell below $60,000 on October 22, which was a callback after setting a record high and deepening concerns about market strength.

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

The minimum buying price of BTC in the eyes of traders is $56,000

Data from Cointelegraph Markets Pro with Transaction view It shows that BTC/USD hit a low of $59,930 on Bitstamp, and fell by 6% on the same day.

The rebound brought the currency pair back to the $60,000 mark, but caution is still the name of the game this week

Cointelegraph writer Michaël van de Poppe “sees the $64,000 area as a key level for a breakthrough, and the market has failed, so corrective measures are being taken” Summarize Regarding the situation.

“Overall; consider $56-59,000 as a good place to buy Bitcoin.”

The previous all-time high of $64,900 provided almost no new support, but became a repeated resistance zone, because the bulls had little luck to obtain new gains.

By convention, optimism comes only from those who adopt a long-term perspective. Among them, the popular Twitter analyst TechDev emphasized that 2021 is still in line with the historical bull market trend.

“The final BTC impulse is always 5 degrees higher than before the mid-cycle peak,” he said famous There is a comparison chart next to it.

“It is correct so far. If it continues, and the 228K-250K window is hit (the 2 most reliable fib-based targets in history)… it will happen at the end of January. Observation interesting.”

BTC/USD annotated chart.Source: TechDev/Twitter

Ethereum tests the determination of traders

As a result, Bitcoin gave up its focus on altcoins in a shorter period of time. The top 20 cryptocurrencies by market capitalization were led by Solana (SOL), which rose by 13% in 24 hours.

related: Before the $435 million option expires on Friday, the bulls strive to keep the Ethereum price above $4,000

Ether (Ethereum), after a failed attempt to break the all-time high, it fell below $4,000 after a short rebound.

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

Bitcoin’s market value share is 45.7%, reflecting the relative strength of the weekend market.

The “worst case” in October, such as Cointelegraph Reported beforeAt the same time, the monthly closing price of BTC/USD is required to be 63,000 US dollars.