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

Oct 22, 2021 | CoinTelegraph News | 0 comments

Crypto markets take a turn for the worse after hitting record highs earlier in the week, with Bitcoin down 6% near the $60,000 level.

Bitcoin (BTC) briefly fell below $60,000 on Oct. 22 as a correction after all-time highs deepened concerns about the market’s strength.

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

Trader eyes $56,000 minimum BTC buy-in

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

A rebound took the pair back above the $60,000 mark, but caution remained the name of the game as the week 

“Was watching that $64K zone as a crucial level to break and the market has failed, so a corrective move is taking place,” Cointelegraph contributor Michaël van de Poppe summarized about the situation.

“Overall; looking at $56-59K as a good spot to buy Bitcoin.”

The previous all-time high at $64,900 turned out to provide little by way of new support, instead becoming more of a repeat resistance zone as bulls had little luck securing their newly-won gains.

Optimism, as is customary, came only from those adopting a longer-term perspective. Among them was popular Twitter analyst TechDev, who stressed that 2021 was still conforming to historical bull market trends.

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

“Holding true so far. If it continues, and the 228K-250K window is hit (2 most historically reliable fib-based targets)… It would happen end of Jan. Will be interesting to watch.”

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), fresh from a failed attempt to crack new all-time highs, dropped below $4,000 after a brief rebound.

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

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

The October “worst case scenario,” as Cointelegraph previously reported, meanwhile demands a $63,000 monthly close for BTC/USD.

News Source from CoinTelegraph.com

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