Bitcoin (BTC) is well on its way to hitting new all-time highs this month and at least $ 72,000 in November if the latest pricing data is correct.
In a tweet on Tuesday, Filbfilb, an analyst with the trading platform Decentrader, described an achievable price target for this month and the next.
BTC price at $ 72,000? “Strange things have happened,” says Händler
With Uptober delivering solid bullish results so far, analysts are keen to see where the Bitcoin bull run could lead in the fourth quarter.
As Cointelegraph reported, some predictions have used historical price comparisons and even simple calculations to meet short-term BTC / USD targets of up to $ 300,000.
For Filbfilb, a return to previous all-time highs of $ 64,500 and beyond remains “Hopium” for the coming weeks, but the overall bullish Bitcoin market may not need much inspiration to make that happen.
“Some good news paired with the persistent hodlers and it’s possible … strange things happened,” he commented.
However, despite the uptrend, he added that this was not the time to take risks and advised traders not to use undue leverage for long or short positions.
An accompanying graphic compares 2021 with 2017, the year after the previous halving of the block subsidies. Accordingly, a repeat of the all-time highs seems possible until the end of October, in line with existing forecasts.
Bets rise on a $ 45,000 floor
On the subject of a possible retracement, Filbfilb has meanwhile proposed the idea of $ 48,000 as there was not widespread sales interest.
Related: BTC Price Hits A Five Month High Of $ 57,000 – 5 Things To Watch For BTC This Week
“My head says 48, but there basically don’t seem to be any sellers who go beyond the exchanges. idk, I’m 50/50, ”he said on Twitter comments.
This reflects Decentrader’s own targets of around $ 45,000 to $ 50,000 once the resistance hits closer to $ 60,000.
“Similar to previous events, we then looked back to a correction to retest the USD 50-1,000 level, which is what we expect again,” warned a market update late last week.
“It’s worth noting that corrections back to significant levels like $ 50,000 in this case often fail when first asked in February of this year.”
At the time of writing, BTC / USD was trading at $ 57,400 as a 24-hour ranging behavior followed a clip to a five-month high.