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Bitcoin gains $2K in hours after BTC price bounces near previous all-time high


Weak equities and renewed concerns about Evergrande aren’t keeping Bitcoin down for long, as $67,000 all-time highs loom on the horizon.

After new macro turmoil triggered a retest of prior all-time highs, Bitcoin (BTC) exceeded $66K again on Oct. 21.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Evergrande is unable to keep Bitcoin bulls at bay

BTC/USD was up to $64,000 overnight, according to data.

The decision coincided with a drop in stock prices, which were reacting to increased concerns about Evergrande, a Chinese real estate developer.

Despite this, Bitcoin was able to maintain higher levels, with just a brief dip below $64,900, which had been the BTC record since April.

“Markets always rise faster than the general public anticipates. Probably what will happen in the following months,” Michal van de Poppe, who is still positive, told Twitter followers.

The next goal is $75,000

After a $3,000 increase in BTC/USD due to a squeeze on Wednesday, Oct. 20, fresh all-time highs of nearly $67,000 were visible.

Analysts pointed out that the monthly candle for October is already bigger than the whole Bitcoin all-time high from December 2017.

“BTC is probing its previous ATH for support”, said Eight, a Dutch crypto consulting and education company.

“If we bounce from here, three levels to watch are 75k, 87k, and 96k, which were calculated using the Fibonacci retracement tool and drawn from recent market activity.”

BTC/USD chart with Fibonacci levels. Source: Eight/Twitter

Long-term BTC price conclusions are based on Fibonacci, as previously stated. According to this estimate, the bull run’s apex might be worth up to $300,000. The trough, on the other hand, maybe anywhere from $47,000 to $60,000, still a significant increase over the $3,100 bottom seen the last cycle.

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