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

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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 saw the price slide below $61,000.

“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.



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