Bitcoin Needs Some "Hope"? This Chart Shows Bitcoin Will Hit New All-Time Highs by November

Bitcoin (BTC) is on track to reach new all-time highs this month and at least $72,000 in November if recent price data is accurate.

In a tweet on Oct. 12, analyst Filbfilb of trading platform Decentrader described what he said were achievable price targets for this month and next.

BTC price to $72,000? "Strange things happen" says one trader

With “early October” delivering solid bullish results so far, analysts are eager to chart a bullish move for Bitcoin in Q4.

As Cointelegraph reported, some predictions used historical price comparisons and even simple calculations for near-term BTC/USD targets as high as $300,000.

For Filbfilb, a return to previous all-time highs of $64,500 and beyond in the coming weeks remains "hope", but the overall bullish Bitcoin market may not need much encouragement to make it happen Target.

He commented: "There's some good news, and with stubborn holders, it's possible (to make this happen)... strange things happen".

Despite the uptrend, now is not the time to take risks and traders are advised not to use high leverage on long and short positions.

The attached image compares 2021 with 2017, the year after the last blockchain halving event. Thus, a return to all-time highs appears likely by the end of October, in line with existing forecasts.

Bitcoin could pull back to $48,000

Meanwhile, on the topic of a potential pullback, (even) in an environment of lack of interest in selling, Filbfilb brought up "the idea of a possible pullback to $48,000" for discussion.

“My boss says (Bitcoin could pull back to) $48,000, but there’s basically no selling on exchanges. No idea, I’m 50/50,” he said in comments on Twitter.

This is in line with Decentrader's own goal of reaching around $45,000-$50,000 once resistance is found near $60,000.

Decentrader’s market update over the weekend warned: “Similar to previous events, we then saw a pullback retesting our once again expected $50,000-51,000”.

"It's worth noting that pullbacks to important levels like $50,000 tend not to hold in these circumstances, so we'll be watching price action as prices could slowly pull back like we saw in February of this year to $45,000."