Bitcoin is currently on a rally to get to a new all-time-high this month and at least attain $72,000 in November according to the latest price data. Filbfilb, an analyst at trading platform Decentrader, stated on Tuesday that $72,000 was an achievable price target for this and next month.
Analysts are keen to see the price movement of Bitcoin in Q4, after the recent solid bullish results experienced in the month, resulting in the current name of “Uptober”. Recent reports indicate that some predictions have used historical price comparisons as well as simple calculations to convey near-term BTC/USD targets of up to $300,000.
According to a tweet by Filbfilb, a move back to previous all-time highs of $64,500 and beyond in the coming weeks remains “hopium,” but the overall bullish Bitcoin market might not need much inspiration to deliver it. Filbfilb went ahead to state that a bit of good news combined with a couple of stubborn hodlers and it would happen, as stranger things have happened:
Hopium – nothing more, nothing less.
A bit of good news coupled with the stubborn hodlers though and its possible.. stranger things have happened.
I wouldnt want to be heavily levered in either direction rn. pic.twitter.com/QxTHzl308N
— filbfilb (@filbfilb) October 11, 2021
Although Bitcoin has experienced an upward trajectory, Filbfilb added that this is not the time to take on risks, advising traders not to use extensive leverage for long or shorty positions.
Filbfilb attached a chart that compared 2021 to 2017, the year after the previous block subsidy halving event. The chart supports a rematch of all-time-highs by the end of October, which matches previous forecasts.
After any bullish movement, there is always a possible retracement. Filbfilb proposed the idea of $48,000 amidst a lack of general selling interest.
In the twitter thread, asked which way he voted between $48k and $68k, he said, “My head says 48 but there don’t fundamentally really seem to be any sellers beyond what’s on the exchanges. idk, I’m 50/50.”
His remarks are similar to Decentrader’s own targets of $45,000-$50,000 once resistance gets closer to $60,000.
According to a Decentrader market update late last week, “similar to previous events, we then saw a correction back to retest the $50-1k level, which we are again anticipating”.
The update continued to warn that, “it is worth noting that corrections back to significant levels like $50k in this instance often do not hold up on the first time of asking, so we will be observing price action around here as prices could fall back slow as $45k as we saw in February of this year.”
At the time of writing, BTC/USD traded at $57, 370 with the 24 hours of upward movement proving the best since May 10.
Image by Hans Braxmeier from Pixabay
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