Bitcoin (BTC) can return to $50,000 and still non violate an overall "bullish thesis" after breaking best highs, fresh research argues.

In its latest market update on October. 22, crypto trading platform Decentrader argued that afterwards hitting and retracing from $67,000, there was no reason to exist bearish on Bitcoin.

"No significant testify" for $fifty,000 retest

Later on Bitcoin croaky an all-time high in place for half-dozen months, concerns grew equally a correction took place that erased ten% of its gains in a single solar day.

Subsequently 2 dips below $60,000, analysts nonetheless have stuck to their previous optimism for the coming weeks and months. Decentrader's Filbfilb is no exception.

"We have been tracking a Bitcoin fractal blueprint for a number of weeks now, which, if it continues, would imply to play out, that the next major end higher for Bitcoin would be $72k if momentum tin exist maintained, after which the i.618 extensions suggests around $88k would evidence to be a target of interest, which ties in with the thought that $100k will encounter some front running by sellers," he summarized.

He pointed to cooling funding rates, increased exposure from Bitcoin futures substitution-traded funds and strong buyer support as all being conducive to further upside.

The weekend, which typically sees thinner markets, could produce a surprise move up or down, notwithstanding, with an uptick probable coming together resistance at $65,000 — the old high.

Filbfilb also revealed that he was primed for a potential deeper BTC price dip — one which would nevertheless demand to attempt extremely difficult to pause his bullish conviction.

"If there is a significant reversal and pause in construction, $50k volition be a pregnant surface area of interest to the states," he added.

"Although in that location is no significant evidence of this now, nosotros are prepared for an opportunity, should it present itself. Even if prices do retrace to these levels, it does non pause our overall bullish thesis."
BTC/USD one-hour candle chart (Bitstamp). Source: TradingView

The math strengthens bulls' resolve

Equally with other recent findings, Fibonacci levels proceed to play a central role in assessing likely futurity cost points in an upwards-or-downwards market phase.

Related: Need some Bitcoin 'hopium?' This nautical chart calls for new BTC price all-fourth dimension loftier by November

Bitcoin has historically had its macrocycle peaks rooted in Fib sequences, which opens the door to hit $300,000 this fourth dimension around.

Similarly, the next behave market from such highs should lesser out at around electric current levels, with the worst-case scenario at just below $50,000.

BTC/USD chart with Fibonacci levels highlighted. Source: Decentrader