Bitcoin (BTC), if the most recent price data is correct, is poised to hit new all-time highs in November and $72,000 in January.
Filbfilb, an analyst for trading platform Decentrader described in a tweet Oct. 12 what he believed was a realistic price target for this and next month.
BTC price at $72,000 Trader: “Stranger Things have Happened”
Analysts are eager to see where the Bitcoin bull market might take us in Q4, with “Uptober,” delivering solid bullish results thus far.
Cointelegraph reported that some predictions used historical price comparisons as well as simple calculations to forecast near-term BTC/USD targets up to $300,000.
Filbfilb sees a return to the previous all-time highs at $64,500 in the next weeks as “hopium.” However, the overall bullish Bitcoin market may not need any inspiration to achieve it.
He said, “A little bit of good news combined with stubborn hodlers though, and it’s possible.. stranger events have happened.”
He said that despite the uptrend, traders shouldn’t take on too much risk. He advised them to avoid excessive leverage, whether for short or long positions.
The accompanying chart compares 2021 to 2017, which was the year following the block subsidy halving. It seems that a rematch at the end of October of all-time highs is possible, matching current forecasts.
Comparison of USD and BTC prices Source: Filbfilb/Twitter
Places increase on a $45,000 floor
Filbfilb, who was not selling much, suggested the $48,000 figure for a possible retracement.
Related: BTC Price Hits $57K Five-Month High — 5 Things to Watch in BTC This Week
“My head says 48, but there don’t fundamentally seem to be any sellers other than what’s on the exchanges.” He said it in tweet comments: “I don’t know, I’m 50/50.”
Decentrader has set similar targets at $45,000 to $50,000, once resistance is reached closer to $60,000.
“Similar events before, we then saw an adjustment back to retest $50-1k, which is again anticipating,” a market update said late last week.
“It is important to note that corrections to significant levels such as $50k often fail on the first attempt of asking. So we will be watching price action around here, as prices could slow down as low as $45k, as we saw in February.
As a result of 24 hours of ranging behavior, BTC/USD was trading at $57,400 at the time of writing. This is compared to a five-month high of $57,400.