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

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

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

Trader eyes $56,000 minimal BTC buy-in

Data 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 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 in regards to the scenario.

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

The earlier all-time excessive at $64,900 turned out to present little by means of new help, as an alternative changing into extra of a repeat resistance zone as bulls had little luck securing their newly-won features.

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

“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 exams merchants’ resolve

Bitcoin thus relinquished the limelight to altcoins on shorter timeframes, the highest 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 to crack new all-time highs, dropped below $4,000 after a short rebound.

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

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

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

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