Veteran Analyst Filbfilb Raises Alarm Over Potential Bitcoin Market Downturn
Summary:
Seasoned market analyst Filbfilb has issued a warning for potential further declines in Bitcoin's (BTC) value following a recent pattern in its price chart. Bitcoin's overnight dip to $40,600 is of particular concern, marking a 20% drop from the previous week's high. Despite a minor rebound, both traders and analysts remain cautious. Filbfilb's analysis highlights a trend where the 3-day chart dipping below the daily 50-period simple moving average often leads to further market dips. The recent price drop has also left traders wary, with $40,000 seen as the critical support level for BTC.
Seasoned market analyst Filbfilb has raised concerns about Bitcoin's (BTC) potential for further decline as it loses footing in the monthly lows. He reveals this latest forecast on social media, citing a recently observed pattern in the BTC price chart. The cryptocurrency's value dipped to $40,600 overnight which is almost 20% below from its peak in the previous week, according to data gathered from Cointelegraph Markets Pro and TradingView. Although a slight recovery sent BTC above $41,000, not many traders and analysts are buoyed by this rebound.
Filbfilb shares this viewpoint and highlights the 3-day chart as a particular area of worry. He illustrates that past instances where the 3-day chart drops below the daily 50-period simple moving average (DMA) often precede yet another downturn. A timeline up to Bitcoin's highest ever value of $69,000 in November 2021, accompanies this analysis. He further states, "3-day red with a break below the 50 DMA. It has occurred a few times in the past."
Filbfilb has previously predicted Bitcoin's peak at $48,000, coinciding with the news of the US Bitcoin exchange-traded funds (ETFs). He suggests a similar BTC price goal for the block subsidy halving in April.
The recent price drop underneath the opening value for 2024 has kept Bitcoin traders wary. Providing his insight, financial commentator Tedtalksmacro identifies $40,000 as the next important support level for BTC. He stated that the previous bounce from the downturn didn't convince him of a recovery, further speculating a likely dip in the near future.
It's also important to note that a large number of market participants view mid-$30,000 as a possible bounce area. However, readers should carry out their own research, as the risk involved in investment and trading decisions are significant and this article does not provide investment advice or recommendations.
Published At
1/19/2024 11:28:46 AM
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