Do you need some Bitcoin ‘hopium’? According to this chart, Bitcoin will reach a new all-time high in November.

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The most recent bullish Bitcoin price forecast strengthens the case for a breakout, but a retracement could result in a visit to $45,000.

If the latest price data is correct, Bitcoin (BTC) will reach new all-time highs this month and at least $72,000 in November.

In a tweet on Tuesday, Filbfilb, an analyst at trading platform Decentrader, described what he said was an achievable price target for this month and next.

BTC price to $72,000? “Stranger things have happened,” says trader

With “Uptober” delivering solid bullish results so far, analysts are keen to chart where the Bitcoin bull run might lead in Q4.

As  reported, some predictions have used historical price comparisons and even simple calculations to deliver near-term BTC/USD targets of up to $300,000.

For Filbfilb, a move back to previous all-time highs of $64,500 and beyond in the coming weeks remains “hopium,” but the overall bullish Bitcoin market might not need much inspiration to deliver it.

“A bit of good news coupled with the stubborn hodlers though and it’s possible.. stranger things have happened,” he commented.

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Despite the upward trend, he cautioned that now is not the time to take risks, advising traders not to use excessive leverage for long or short positions.

An accompanying chart compared 2021 to 2017, the year following the previous halving of block subsidies. As a result, a rematch of all-time highs by the end of October appears possible, matching current forecasts.

 

BTC/USD price comparison. Source: Filbfilb/Twitter

Bets rise on a $45,000 floor

On the topic of a potential retracement, meanwhile, Filbfilb mooted the idea of $48,000, amid a lack of broad selling interest.

“My head says 48 but there don’t fundamentally really seem to be any sellers beyond what’s on the exchanges. idk, I’m 50/50,” he said in Twitter comments.

This echoes Decentrader’s own targets of around $45,000–$50,000 once resistance is hit closer to $60,000.

“Similar to previous events, we then saw a correction back to retest the $50-1k level, which we are again anticipating,” a market update warned late last week.

“It is worth noting that corrections back to significant levels like $50k in this instance often do not hold up on the first time of asking, so we will be observing price action around here as prices could fall back slow as $45k as we saw in February of this year.”

BTC/USD was trading at $57,400 at the time of writing, after a 24-hour range that had followed a clip to five-month highs.

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