Analysts hold their $250K Bitcoin price target even as BTC falls below $60K
Analysts hold their $250K Bitcoin cost target even as BTC falls below $60K
Crypto markets accept a plough for the worse after hitting record highs before in the week, with Bitcoin down 6% near the $threescore,000 level.
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Bitcoin (BTC) briefly fell below $60,000 on October. 22 as a correction after all-fourth dimension highs deepened concerns about the market's strength.
Trader optics $56,000 minimum BTC purchase-in
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD striking lows of $59,930 on Bitstamp, down another 6% on the day.
A rebound took the pair back to a higher place the $60,000 marking, but caution remained the name of the game as the week saw the cost slide below $61,000.
"Was watching that $64K zone equally a crucial level to interruption and the market has failed, so a corrective motility is taking place," Cointelegraph correspondent Michaël van de Poppe summarized the state of affairs.
"Overall; looking at $56–$59K as a adept spot to purchase Bitcoin."
The previous all-fourth dimension high at $64,900 turned out to provide little by way of new support, instead becoming more of a echo 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 annotator TechDev, who stressed that 2022 was still conforming to historical balderdash market trends.
"Concluding BTC impulse has Always been 5 degrees steeper than the run-up to the mid-wheel peak," he noted alongside a comparative nautical chart.
"Holding true and so far. If information technology continues, and the $228K–$250K window is hit (two almost historically reliable fib-based targets)... It would happen end of Jan. Will be interesting to spotter."
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 alee of Friday's $435M options expiry
Ether (ETH), fresh from a failed attempt to fissure new all-time highs, dropped below $four,000 afterward a cursory rebound.
Bitcoin's marketplace 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.
Source: https://cointelegraph.com/news/analysts-hold-their-250k-bitcoin-price-target-even-as-btc-falls-below-60k
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