Even if the BTC price drops to $50,000, Bitcoin is “still bullish”-analysis


Bitcoin (Bitcoin) Can return to $50,000, and will still not violate the overall “bullish argument” after breaking through the all-time high, the new research believes.

In its latest Market update On October 22, the crypto trading platform Decentrader argued that there was no reason to bearish Bitcoin after it touched and withdrew from $67,000.

$50,000 to retest “no important evidence”

After Bitcoin hit a six-month all-time high, as the correction took place, people became more and more worried Erased 10% of the proceeds In a day.

After falling below $60,000 twice, analysts still insisted on their Optimism before In the next few weeks and months. Decentrader’s Filbfilb is no exception.

“We have been tracking Bitcoin’s fractal pattern for several weeks. If this pattern continues, it means that if the momentum can be maintained, Bitcoin’s next major stop loss will be $72,000. After that, the 1.618 expansion shows that approximately US$88,000 will prove to be an interesting target, which is related to the idea that US$100,000 will see some sellers preemptively,” he concluded.

He pointed cool down Funding interest rates, increased exposure to Bitcoin futures ETFs, and strong buyer support, all of which contribute to further gains.

Weekends usually see market weakness, but there may be unexpected rises or falls, but the rise may encounter resistance at $65,000-the old high.

Filbfilb also revealed that he is ready for a deeper fall in the BTC price-this still requires very hard work to break his bullish beliefs

“If there is a major reversal and breakthrough in the structure, $50,000 will be an important area of ​​our interest,” he added.

“Although there is no clear evidence of this right now, we are ready for the opportunity if it emerges. Even if the price does fall back to these levels, it will not break our overall bullish argument.”

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

Mathematics strengthens the determination of the bulls

Like other recent survey results, Fibonacci levels continue to play a key role in assessing possible future price points during market ups or downs.

related: Need some bitcoin “hopium”?The chart requires that the BTC price hit a record high by November

Historically, Bitcoin’s macro cycle peaks originated from the Fib sequence, which opened the door for Bitcoin Reached 300,000 USD This time.

Similarly, the next bear market from such a high point should bottom near the current level, the worst case is Slightly less than 50,000 USD.

BTC/USD chart with Fibonacci levels highlighted. Source: Decentrader