The cryptocurrency market is abuzz with anticipation as Bitcoin (BTC) is showing strong signs of heading towards the $50,000 mark leading up to the block subsidy halving event in April 2024. This prediction comes from the renowned analyst Filbfilb, co-founder of the trading suite DecenTrader, in an exclusive interview with Cointelegraph. He believes that Bitcoin has successfully broken out of the sub-$30,000 trading range that characterized the market for much of 2023.
Having surpassed several resistance levels, Bitcoin is now poised to potentially hit the $50,000 target. Filbfilb’s previous forecast in early September, when BTC/USD traded at just below $26,000, has seemingly come to fruition. However, he also warns that a drawdown could occur before the upward trajectory, testing the resolve of those who are accustomed to seeing BTC prices rise.
According to Filbfilb, several moving averages, including the 20, 50, 100, and 200-week simple moving averages, are currently around the $30,000 mark. These moving averages have played a crucial role as resistance levels in the past. Their current positions and trends indicate a strong breakout and a shift in market sentiment from the bearish trend of the last two years. Filbfilb’s analysis is supported by technical charts showing the movement of Bitcoin against these key moving averages.
Regarding the potential approval of a Bitcoin exchange-traded fund (ETF), Filbfilb remains optimistic but cautious. He believes that a spot ETF is inevitable, but its approval might be intentionally delayed due to concerns about market manipulation. He anticipates that major players are actively working towards securing the approval, and it’s only a matter of time before it becomes a reality.
When discussing the future price action of Bitcoin, Filbfilb highlights the importance of determining the point of control on the price chart and the various resistance and support levels. Based on the timeframe considered, he identifies different price levels as significant points of control and outlines specific resistance levels between $38,000 and $41,000, where substantial trading volume has been observed.
Filbfilb’s perspective on the pre-halving action in Q4 has held true, as Bitcoin experienced a price boost during this period. Looking ahead to Q1 2024, he acknowledges the possibility of a pullback before another surge leading up to the halving. He predicts a reasonable bullish target of $46,000–$48,000 as a technical assumption from a bullish perspective. These predictions are supported by historical price comparisons and cyclical models.
It’s important to note that this analysis does not constitute investment advice, and readers are encouraged to conduct their own research before making any investment or trading decisions. As the cryptocurrency market continues to evolve, analysts like Filbfilb provide valuable insights that can guide traders and investors in navigating the complexities of this dynamic and rapidly changing landscape.