Saturday, July 2, 2022

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

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

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 value slide beneath $61,000.

“Was watching that $64K zone as a vital degree to interrupt and the market has failed, so a corrective transfer is happening,” Cointelegraph contributor Michaël van de Poppe summarized the state of affairs.

“General; $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 assist, 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 widespread Twitter analyst TechDev, who burdened that 2021 was nonetheless conforming to historic bull market tendencies.

“Remaining 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 (two most traditionally dependable fib-based targets)… It could occur finish of Jan. Will probably be attention-grabbing to look at.”

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.

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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 beneath $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 energy of alt markets towards the weekend.

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