Analysts hold their $250K Bitcoin price target even as BTC falls below $60K

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Bitcoin (BTC) briefly fell under $60,000 on Oct. 22 as a correction after all-time highs deepened issues concerning the market’s power.

BTC/USD 1-hour candle chart (Bitstamp). Supply: TradingView

Dealer eyes $56,000 minimal BTC buy-in

Information from Cointelegraph Markets Pro and TradingView confirmed BTC/USD hitting lows of $59,930 on Bitstamp, down one other 6% on the day.

A rebound took the pair again above the $60,000 mark, however warning remained the secret because the week noticed the worth slide under $61,000.

“Was watching that $64K zone as a vital stage to interrupt and the market has failed, so a corrective transfer is going down,” Cointelegraph contributor Michaël van de Poppe summarized concerning the scenario.

“General; taking a look at $56-59K as a great place to purchase Bitcoin.”

The earlier all-time excessive at $64,900 turned out to supply little by the use of new help, as an alternative turning into extra of a repeat resistance zone as bulls had little luck securing their newly-won positive aspects.

Optimism, as is customary, got here solely from these adopting a longer-term perspective. Amongst them was fashionable Twitter analyst TechDev, who confused that 2021 was nonetheless conforming to historic bull market tendencies.

“Ultimate BTC impulse has ALWAYS been 5 levels steeper than the run-up to the mid-cycle peak,” he noted alongside a comparative chart.

“Holding true to this point. If it continues, and the 228K-250K window is hit (2 most traditionally dependable fib-based targets)… It could occur finish of Jan. Will likely be fascinating to observe.”

BTC/USD annotated chart. Source: TechDev/ Twitter

Ethereum tests traders’ resolve

Bitcoin thus relinquished the limelight to altcoins on shorter timeframes, the top twenty cryptocurrencies by market cap being led by Solana (SOL), up 13% in 24 hours.

Related: Bulls fight to keep Ethereum price above $4K ahead of Friday’s $435M options expiry

Ether (ETH), recent from a failed try and crack new all-time highs, dropped under $4,000 after a short rebound.

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

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

The October “worst case situation,” as Cointelegraph previously reported, in the meantime calls for a $63,000 month-to-month shut for BTC/USD.