Bitcoin is currently recovering from a recent drop in prices. Currently, it is trading around $63.2k at press time and on the upswing at press time despite being down from the all time high of $67k. While the short-term tussles with the bears will continue, many Bitcoin investors have their eyes set on the ultimate prize of the cryptocurrency sector; the maximum valuation during this bull run. Some believe that a move above $100k is still very much in the cards. Still others believe that a more modest target of $80k is only going to be possible. For still others, an intermediate target of $90k makes the most sense.
Bitcoin has successfully defended the $60k support in the last day of the week. While the all-time weekly close was close, the cryptocurrency couldn’t break it and therefore, these aren’t the ideal conditions right now. However, the overwhelming majority of the analysts and traders agree that these are not the highest levels the cryptocurrency will achieve during this bull season. However, there is no consensus on where the bull run will actually stop.
According one more popular analyst Michael Van de Poppe on Twitter:
So far, so good. #Bitcoin on the way to $90K. pic.twitter.com/JxDIgUEejF
— Michaël van de Poppe (@CryptoMichNL) October 25, 2021
The end of the rest of October is expected to be around the same level as there are strong buy signals at $60k while the bulls are still believed to be in consolidation phase. More upwards price action is expected later on in November and December. Also, the end of months are often seen as largely flat-ish days as new monthly injection into the economy is awaited.
Some other analysts are however, way more optimistic for the future and they believe Bitcoin can go a lot higher and even $100k will prove to be yet another stepping stone in the proceedings. According to another analyst, the cryptocurrency is mimicking the 2017 bull run during its latter stages.
After 140 days, a slightly-flattened 2017 fractal continues to predict the day-to-day #BTC price action better than most short-term TA I’ve seen. pic.twitter.com/93l7RODsMU
— TechDev (@TechDev_52) October 25, 2021
However, this manipulation of the graph is not going to turn heads soon. The more realistic price target for the bulls is anywhere between $80k-$100k and it should pick up steam during the coming weeks or so. While Bitcoin’s trend is a little bit more certain, other cryptocurrencies are a lot more certain and once the alt season starts, there is no telling where they can go to this time around.
Image Source: pixabay.com
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