Bitcoin Poised to Reach $50,000 by Next Halving Event, Forecasts Expert Analyst Filbfilb
Summary:
Veteran analyst Filbfilb predicts that Bitcoin (BTC) may approach $50,000 by next year's block subsidy halving event. He suggests that Bitcoin has succeeded in breaking its sub-$30,000 trading range that dominated the 2023 market. He also proposes that diverse week moving averages indicate a potential breakout and change from the two-year bear market. Furthermore, Filbfilb maintains that Bitcoin ETF approval could be delayed, but it is inevitable.
Longstanding analyst Filbfilb anticipates Bitcoin (BTC) could approach $50,000 around the block reward halving event next year. In a recent conversation with Cointelegraph, DecenTrader's co-founder offered his insights on BTC's pricing trends. Filbfilb asserts that Bitcoin's trajectory indicates a potential bear market exodus.
According to him, Bitcoin has securely escaped the sub-$30,000 trading bracket that largely ruled the market scene in 2023. With various resistances surmounted, the real challenge for Bitcoin proponents is to project the price movements leading up to the halving.
Scheduled for April 2024, the event is less than half a year away, and Filbfilb proposes a feasible bullish mark could verge on $50,000. This aligns with the predictions he made in September, when BTC/USD was slightly under $26,000.
Filbfilb, however, warns that a pullback is plausible beforehand, which could test the mental resilience of those accustomed to BTC's price growth. What Bitcoin might witness in the next few months from a technical pricing standpoint is a fascinating proposition.
In the following extract of the interview with the Cointelegraph, Filbfilb expounds his views on the potential for BTC's breakout from the sub-$30,000 range and assesses the robustness of the preceding resistance-acting moving averages (MAs).
Currently, all critical weekly moving averages hover around the $30,000 mark and are located at the higher end of the trading bracket below $30,000, where Bitcoin invested around 200 days. These factors collectively denote prospective buying interest and are influential indicators of a breakout change from the bear market spanning two years.
Filbfilb remains consistent about the likely deferred Bitcoin ETF endorsement but underscored it as inevitable. Major players are incessantly active in the field and the timing of the approval depends on the regulators' stance on market manipulation.
On the question of defining the control point on the BTC pricing graph, Filbfilb states that different time frames suggest different points. Over the last couple of years, $26,000 has been a crucial point, while the past six months lean towards $27,000. The resistance hovers between $38,000 and $41,000, which saw high volumes before many crypto entities collapsed.
Reflecting on the prospective BTC pre-halving spike in the Q4 pricing trend, he affirms that it came to fruition. However, the bear market's 61.8% Fibonacci retracement providing a bullish outcome in the range of $46,000-$48,000 would be a reasonable assumption.
This report does not contain any financial advice or suggestions. Investments and trading come with an inherent risk factor, and readers are advised to do independent research before deciding on any step.
Published At
11/14/2023 2:20:29 PM
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