Bitcoin (BTC) may return to $50,000 and still not break the general uptrend after reaching all-time highs, according to a recent study.

In its latest market announcement on October 22, crypto exchange Decentrader claimed that after hitting and withdrawing $67,000, Bitcoin has no reason to go higher.

‘No physical evidence’ of $50,000 retesting
After Bitcoin hit a six-month record high, fears have increased with a correction that wiped out 10% of profits in a single day.

After two drops below $60,000, analysts are still maintaining their earlier optimism for the coming weeks and months. Filbfilb from Decentrader is no exception.

“We have been tracking the Bitcoin fractal structure for several weeks, which, if it continues, will mean that the next major stop for Bitcoin’s rally will be $72,000 if momentum is maintained, after which the 1,618 expansions suggest that around $88K may be the subject of interest related to the fact that 100 A thousand dollars you will receive support from sellers.”

He noted a decline in funding growth, an increase in the share of bitcoin futures ETFs, and strong support from buyers, all of which contribute to further growth.

The weekend, when markets tend to be weaker, could lead to an unexpected move up or down, but gains are likely to meet resistance at $65,000, the old high.

Philbfilb also revealed that he is targeting the possibility of a deeper drop in the price of BTC, which still has to work hard to break his bullish beliefs.

“If there is a major reversal and breach in the structure, the $50,000 will be a major area of ​​interest for us,” he added.

“Although there is currently no solid evidence for this, we are prepared for such an opportunity if it presents itself. Even if prices return to these levels, they will not destroy our overall bullish thesis.”

1 hour candlestick chart BTC/USD (Bitstamp). Source: TradingView
Mathematics strengthens the solution for bulls
As with other recent results, Fibonacci levels continue to play a major role in evaluating potential future price points in a bullish or bearish market phase.

On the topic: Do you need Bitcoin Hobium? On this chart, a new record high for BTC price is expected by November.

Historically, Bitcoin has had the tops of the macro cycle based on the Fibonacci sequences, which this time opened up to reach $300,000.

Likewise, the next bear market from these highs should fall at around current levels, in the worst case, just below $50,000.

Source: CoinTelegraph

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