Filbfilb Predicts Bitcoin’s Future
According to analyst Filbfilb, Bitcoin (BTC) is on track to approach $50,000 around the time of next year’s block subsidy halving event. In a recent interview with Cointelegraph, the co-founder of trading suite DecenTrader shared his thoughts on BTC price action.
Bitcoin Breaks Out of Bear Market
Filbfilb believes that Bitcoin has solidified its departure from the sub-$30,000 trading range that dominated much of 2023. Overcoming numerous resistance levels, the key question for Bitcoin bulls is how price action will unfold leading up to the halving event in April 2024. Filbfilb argues that a “reasonable” bullish target could be just below the $50,000 mark. However, he also acknowledges the possibility of a drawdown before any significant price increase.
Technical Analysis and ETF Approval
Filbfilb points out that the 20, 50, 100 and 200-week simple moving averages are all around $30,000 at the moment. This suggests strong buying interest below that level and indicates a breakout and trend change from the two-year bear market. He also shares his view on the Bitcoin ETF approval and its potential impact on price, expressing confidence in an inevitable approval but expecting continued delays.
Price Points and Q1 2024 Expectations
When discussing support and resistance levels on the BTC price chart, Filbfilb emphasizes that these levels can vary depending on the timeframe. He highlights $26,000 as an important point of control over the last couple of years but suggests closer to $27,000 over the last six months. Additionally, he anticipates resistance around $38,000–$41,000 due to significant volume traded in that range before several market downturns.
Filbfilb also addresses concerns about Q1 2024 potentially having a negative impact on BTC prices. While acknowledging a possible pullback during this time frame based on a cyclical model, he maintains a bullish perspective with a technical target assumption of $46,000–$48,000.
Hot Take: Filbfilb’s Bullish Outlook
Filbfilb’s analysis points to an optimistic future for Bitcoin’s price as it approaches next year’s halving event. With key indicators showing potential for significant growth and resistance levels being closely monitored, his perspective offers valuable insights for crypto investors navigating the market’s volatility.
Source: Cointelegraph
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