Analysts Hold $ 250,000 Bitcoin Price Target Even As BTC Falls Below $ 60,000

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Bitcoin (BTC) briefly fell below $ 60,000 on October 22 as a correction after historic highs deepened concerns about market strength.

1 hour BTC / USD candle chart (Bitstamp). Source: TradingViewTrader is considering a minimum BTC buy-in of $ 56,000

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

A rebound brought the pair back above the $ 60,000 mark, but caution remained as the week saw the price drop below $ 61,000.

“I was looking at this $ 64,000 area as a crucial level to cross and the market has failed, so a corrective movement is underway,” summed up Michaël van de Poppe, contributor to Cointelegraph.

“Overall, looking at between $ 56,000 and $ 59,000 as a good place to buy Bitcoin.”

The previous record of $ 64,900 proved to provide little new support, instead becoming an area of ​​repeated resistance as the bulls were unlikely to secure their newly won gains.

Optimism, as it is customary, has only come from those who take a longer-term perspective. Among them was popular Twitter analyst TechDev, who pointed out that 2021 is still in line with historical bull market trends.

“BTC’s final impulse has ALWAYS been five degrees steeper than the period leading up to the mid-cycle peak,” he noted alongside a comparative chart.

“That’s true so far. If this continues and the $ 228,000 to $ 250,000 window is reached (two historically most reliable fib-based targets)… It would happen in late January. It will be interesting at to concern.” BTC / USD annotated chart. Source: TechDev / TwitterEthereum tests the determination of traders

Bitcoin has thus abandoned the limelight to altcoins on shorter time frames, with the top twenty cryptocurrencies by market capitalization being led by Solana (SOL), up 13% in 24 hours.

Related: Bulls Fight To Keep Ethereum Price Above $ 4,000 Before Friday’s $ 435 Million Options Expiration

Ether (ETH), fresh off an unsuccessful attempt to reach new all-time highs, fell below $ 4,000 after a brief rebound.

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

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

October’s “worst case scenario”, as Cointelegraph previously reported, requires a monthly close of $ 63,000 for BTC / USD.

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