“The price of Bitcoin has shown resilience and conviction since reaching new highs. There was great concern that due to Ethereum’s rejection of new all-time highs, Bitcoin could see a robust corrective move below the U value zone. $ 60,000. But that is not what has happened. If buyers can keep the Tenkan-Sen as the main support zone, the next thing will be a move to reach $ 70,000, “he said.
“Weekends are famous for price movements and big selling, especially on Sunday. Watch for sustained breakouts below the Tenkaan-Sen to test the Kijun-Sen (baseline) near the value zone. of the u $ s55,000 “, added.
Edan Yago, a contributor to the Bitcoin protocol DeFi Sovryn, also remains bullish on Bitcoin, saying that currently there are no factors that justify a drop in the price of the cryptocurrency. Ruud Feltkamp, CEO of Cryptohopper, for his part, believes that volatility will reappear in the marketHowever, instead of going down it will bring a great Christmas present for Bitcoin investors.
“As expected, Bitcoin has reached its all-time high. The long volatile route to the top is expected to begin now, where I expect Bitcoin to peak around Christmas. We often see that when Bitcoin makes a move, altcoins will hit it off. they follow in the next two weeks, which could explain the latest rise in ETH and Solana. “
Mikkel Morch, Managing Director and Risk Management at ARK36, notes, however, that while a new all-time high is always a good time to stop and celebrate for Bitcoin bulls, it is important to recognize that the second stage of this bull market has actually just begun.
“More specifically, Bitcoin has been riding a wave of extremely positive fundamentals in recent weeks and data from the network shows a much stronger setup for a continuation of the uptrend than was the case with the April all-time high.
In particular, up to 85% of the more than 18 million bitcoins in circulation have not moved in the last three months, as long-term holders have accumulated in anticipation of strong BTC performance in the fourth quarter and beyond. there. This creates the perfect conditions for a supply reduction scenario, “he said. Therefore, according to him, overall, we are entering completely uncharted territory with Bitcoin in price discovery mode, where even a price of $ 100, 000 is no longer off the table.
“No significant evidence” for the price to return to $ 50,000
Bitcoin (BTC) may touch the $ 50,000 level again and still would not invalidate a general “bullish thesis” after hitting all-time highs, according to new research. In its most recent market update, the cryptocurrency trading platform Decentrader argued that after hitting and falling back from $ 67,000, there was no reason to be bearish on the price of Bitcoin.
“We have been following a Bitcoin fractal pattern for several weeks, which, if it continues, its development would imply that the next major stop on the upside for Bitcoin would be $ 72,000 if momentum can be sustained, after which the extensions of 1,618 suggest around $ 88,000 would prove to be a target of interest, which ties in with the idea that the $ 100,000 will see sellers get ahead of price, “he summarized.
He noted that cooling funding rates, increased exposure to Bitcoin futures ETFs, and high buyer activity are factors favoring a further rise.
However, the weekend, when markets are typically tighter, could trigger a surprise move higher or lower, and a rally is likely to find resistance at $ 65,000, the previous high. .
Filbfilb also revealed that he was prepared for a possible deeper BTC price drop, which would have to be very large to break his bullish conviction.
“If there is a significant pullback and a breakdown of the structure, $ 50,000 will be an important area of interest for us,” he added.
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