On Oct. 22, Bitcoin (BTC) price entered what some traders predict to exist a "consolidation phase" as investors lock in profits following a non-stop run-up in price that began on Oct. 1, seeing BTC increment by 55% in just three weeks.

Information from Cointelegraph Markets Pro and TradingView shows that a wave of midday selling on Friday dropped the toll of Bitcoin from support at $63,300 downwardly to the $threescore,000 level.

BTC/USDT 1-solar day chart. Source: TradingView

Here's what market place analysts are saying about Bitcoin'southward electric current price activity for the curt-term.

"Bitcoin could be ready for some other leg college"

The electric current price action is seen as a welcome evolution for crypto market intelligence firm Decentrader, which suggested that "Bitcoin is probable to progress higher through Q4 of 2022" cheers, in big part, to the launch of the ProShares Bitcoin Strategy ETF (BITO) and the Valkyrie Bitcoin Strategy fund (BTF).

In response to concerns that the peak is in for BTC, Decentrader pointed to the history of new all-time highs and highlighted the fact that "there are zero instances of Bitcoin breaking significant previous all-time highs and failing to continue higher."

According to the firm's assay, the current Bitcoin fractal blueprint suggests "that the next major cease higher for Bitcoin would be $72,000 if momentum can be maintained, after which the 1.618 extensions propose around $88,000 would prove to be a target of interest."

The spike in derivatives funding seen over the by couple of days has at present "reset towards more counterbalanced levels" with open interest remaining in line with the uptrend, which Decentrader suggested helps to reduce the take a chance of correcting lower.

As to analysts, "A weekend push higher is likely to be met with initial resistance at $65,000, which is the 61.viii% retracement from $66,800 and the value area high of the range."

Decentrader said:

"Price is at a critical pin bespeak at the fourth dimension of writing — any corrections towards $l,000 we consider buying opportunities and price appreciation into depression funding, coupled with increasing open up involvement suggesting Bitcoin could exist prepare for another leg higher."

BTC is on track to trade similar gold

One of the popular comparisons being fabricated by financial analysts is how the release of a Bitcoin exchange-traded fund (ETF) compares to the release of the first gold ETF.

According to Bloomberg Intelligence, "stiff inflows for the new ProShares Bitcoin Strategy ETF bear witness pent-up demand and quantitative traders targeting arbitrage opportunities, which are likely to narrow spreads and pressure volatility."

Bitcoin futures vs. Gold futures. Source: Bloomberg Intelligence

Bloomberg Intelligence said:

"We come across BTC on rail to trade like gilt."

Related: Analysts hold their $250K Bitcoin cost target even as BTC falls beneath $60K

Short term pullback between $56,000 and $59,000

Insight into what may come up next for BTC in the short term was provided past Cointelegraph contributor Michaël van de Poppe, who posted the following chart outlining the lower expanse of back up to keep an eye on for a good re-entry point.

BTC/USD 2-hour chart. Source: Twitter

Co-ordinate to van de Poppe, the $64,000 zone was "a crucial level" for the price to interruption above, which information technology failed to do, and "so a cosmetic move is taking place."

Poppe said:

"Overall, looking at $56,000 to $59,000 as a good spot to buy."

The overall cryptocurrency market cap now stands at $2.518 trillion and Bitcoin's dominance charge per unit is 45.5%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves hazard, you lot should conduct your own research when making a decision.