Analysts maintain their Bitcoin price target of $ 250,000 even as BTC drops below $ 60,000


Bitcoin (BTC) briefly fell below $ 60,000 as a correction on October 22nd after all-time highs heightened concerns about market strength.

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

Trader is aiming for a minimum BTC buy-in of $ 56,000

Data from Cointelegraph Markets Pro and TradingView showed that BTC / USD hit a low of $ 59,930 on Bitstamp, a further 6% drop from the day.

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A rebound brought the pair back above $ 60,000 but caution remained as the price fell below $ 61,000 for the week.

“I saw this $ 64K zone as a crucial level to break through, and the market has failed, so corrective action is taking place,” said Cointelegraph employee Michaël van de Poppe, summarizing the situation.

“Overall, $ 56-59,000 is considered a good place to buy Bitcoin.”

The previous all-time high of $ 64,900 proved to be little new support but became more of a repetitive zone of resistance as the bulls had little luck to secure their newfound gains.

As usual, optimism came only from those who took a longer-term perspective. Among them was popular Twitter analyst TechDev, who insisted that 2021 will still be in line with historical bull market trends.

“The last BTC pulse was ALWAYS five degrees steeper than the run-up to the mid-cycle peak,” he noted alongside a comparison chart.

“Stay right for now. If this continues and the window of $ 228,000-250,000 is hit (two of the most historically reliable fib-based targets) … it would happen in late January. It’ll be interesting to watch.”

BTC / USD annotated chart. Source: TechDev / Twitter

Ethereum tests the determination of traders

Bitcoin therefore left the limelight to Altcoins in shorter periods of time, with the top 20 cryptocurrencies by market cap led by Solana (SOL), up 13% in 24 hours.

Related: Bulls are fighting to keep Ethereum price above $ 4,000 before options expire on Friday $ 435 million

Ether (ETH), fresh from a failed attempt to break new all-time highs, fell below $ 4,000 after a brief rebound.

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

Bitcoin’s market share was 45.7%, reflecting the relative strength of the Alt markets over the weekend.

The “worst-case scenario” in October, as Cointelegraph previously reported, meanwhile requires a monthly closing of USD 63,000 for BTC / USD.