Bitcoin still trending up even if the price drops to $ 50,000, the analysis suggests

Bitcoin (BTC) could hit the $ 50,000 mark again and would still not invalidate a general “bullish thesis” after recording all-time highs. according to new research.

In its latest market update on October 22nd, the trading platform for cryptocurrencies Decentrader argued that after hitting and falling back to $ 67,000, there was no reason to be pessimistic about the Bitcoin price.

“No Significant Evidence” that the price is returning to $ 50,000

After Bitcoin surpassed levels that were its all-time high for six months, Concern was heightened by a correction that wiped out 10% of their profits in a single day.

Bitcoin still trending up even if the price drops to $ 50,000, the analysis suggests
Bitcoin still trending up even if the price drops to $ 50,000, the analysis suggests

However, after two falls below $ 60,000, analysts stick with hers previous optimism for the next few weeks and months. Decentrader’s Filbfilb is no exception.

“We have been following a bitcoin fractal pattern for several weeks now that if it continued to develop would mean that the next big stop on the upside for Bitcoin would be at $ 72,000 if momentum can be sustained, after which the 1,618 extensions suggest that around $ 88,000 would prove to be a target of interest, tied to the idea that $ 100,000 sellers will price out “, summarized.

He pointed out that cooling rates in funding, increased exposure to Bitcoin futures ETFs, and high buyer activity are factors favoring further increases.

However, the weekend when the markets are usually tight could lead to a surprising move up or down, and a rally is likely to face resistance at $ 65,000, its previous high.

Filbfilb revealed that too I was prepared for a possible deeper drop in the price of BTC, it would have to be very big to break your bullish belief.

“If there is a significant pullback and structural breakdown, the $ 50,000 will be a significant area of ‚Äč‚Äčinterest for us,” he said. he added.

“While there is no strong evidence now, we are prepared for an opportunity when it presents itself. Even if the price falls back to these levels, it does not break our general bullish thesis.”

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

Math reinforces the cops’ decision

Like other recent discoveries, Fibonacci levels continue to play a vital role in evaluating potential future price points during a bullish or bearish phase of the market.

Bitcoin has had its macro-cycle spikes closely related to Fibonnacci levels in the past and opened the door to hit $ 300,000 this time around.

In the same way, the next bear market from these highs should mark a low around current levels with the worst case scenario below $ 50,000.

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

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