Bitcoin Faces Major Corrections, but a Bull Run to $100,000 Remain Intact

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Oct 29, 2021


Bitcoin dropped 6% after failing to take back $63,000, causing millions of dollars of liquidation across the markets. The Bitcoin Fear & Greed Index falls from its seven-month high, indicating that after the price of Bitcoin rose by nearly 45% in the past month, buyers began to take profits.

While some investors believe the price dump signals the end of the bull market, many analysts are confident that bitcoin is now copying the 2017 bull run and the ambitious goal of $100,000 per bitcoin remains intact. 

Studying the RSI of the past few years, it is observed that whenever the indicator line broke through the 70% horizontal trendline, what followed was a significant uptrend in bitcoin price. 

In July 2012, the RSI moved upward, and the price of bitcoin rose in tandem. With minor corrections, the 2013 bull run saw bitcoin increase in value as much as 185 times. 

In November 2016, the indicator broke through the suppression. Similar to the scenario in 2013, bitcoin rose slowly at the beginning with several corrections, then skyrocketed in 2017, recording a 28 times increase in value. 

In 2020, history repeated itself and bitcoin rose all the way to $65,000 from $10,000. What followed was the crash that pushed bitcoin all the way down to $40,000. Now, with the coming of November, the RSI is climbing towards the 70% horizontal trendline again, indicating that buying pressure is building. However, there is no bull run without corrections. For instance, Filbfilb forecasts that bitcoin could drop to $50,000 in the following days. Traders should still remain cautious and manage positions wisely. 

$50,000 or $72,000 or $100,000?

While forecasting a drop to $50,000, Filbfilb is confident that the bitcoin price could reach $72,000. Meanwhile,TechDev believes the price of bitcoin could reach $200,000 to $300,000 based on the analysis of Fibonacci levels in previous bull runs. While his prediction seems too good to be true, PlanB offers a more reasonable insight with bitcoin prices closing at $63,000 in October and $98,000 in November. 

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PR Manager

Press release about recent ICOs, announcement from startups, new cryptocurrency launch by firms and unlike.

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