Bitcoin “still bullish” even though BTC price drops to $ 50,000 – analysis

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Bitcoin (BTC) may return to $ 50,000 and not violate an overall ‘bullish thesis’ after hitting all-time highs, new research shows.

In its last market update on October 22, crypto trading platform Decentrader argued that after hitting and retracing $ 67,000, there was no reason to be bearish on Bitcoin.

“No Significant Evidence” for $ 50,000 New Test

After Bitcoin hit an all-time high for six months, concerns increased as a correction took place that wiped out 10% of its gains in a single day.

After two drops below $ 60,000, analysts nonetheless remained true to their previous optimism for the weeks and months to come. Decentrader’s Filbfilb is no exception.

“We have been following a Bitcoin fractal pattern for several weeks now, which, if continued, would imply that the next higher major stop for Bitcoin would be $ 72,000 if momentum can be sustained, after which the 1.618 Extensions suggest. that around $ 88,000 would turn out to be a target of interest, which is tied to the idea that $ 100,000 will see a certain head run by sellers, ”he summed up.

He pointed to the cooling in funding rates, the increase in Bitcoin futures ETF’s exposure, and the strong support from buyers as all conducive to a further rise.

The weekend, which typically sees thinner markets, could produce a surprise rise or fall, however, with a rise likely to meet resistance at $ 65,000 – the old high.

Filbfilb also revealed that he is ready for a potential drop in BTC prices – a drop that should still go to great lengths to break his bullish conviction.

“If there is a major reversal and a structural breakdown, $ 50,000 will be an important area of ​​interest for us,” he added.

“While there is no significant evidence of this now, we are ready to seize an opportunity, if it presents itself. Even if prices return to these levels, it does not break our overall bullish thesis.” (Binary buffer). Source: TradingView Mathematics Boosts Bull Determination

As with other recent findings, Fibonacci levels continue to play a key role in assessing likely future prices in a bullish or bearish market phase.

Related: Need a ‘Hopium? Of Bitcoin? This chart calls for a new record BTC price by November

Bitcoin has historically had its macro cycle peaks rooted in Fib sequences, which opens the door to $ 300,000 this time around.

Likewise, the next bear market from those highs is expected to bottom out around current levels, with the worst case at just under $ 50,000.

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

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