Bitcoin Analyst Predicts Price Near $50,000 Before Halving Event
Bitcoin (BTC) remains on track to near $50,000 around next year’s block subsidy halving event, longtime analyst Filbfilb says. In his latest interview with Cointelegraph, the co-founder of trading suite DecenTrader shares his thoughts on BTC price action.
Filbfilb: Bitcoin has given “strong indicator” of bear market breakout
Bitcoin has well and truly cemented its exit from a sub-$30,000 trading range, which characterized the market for much of 2023, Filbfilb believes. Having overcome a multitude of resistance levels, the question for Bitcoin bulls now is how price action will turn out into the halving.
Halving Event and Price Projection
Due in April 2024, less than five months remain until the event, and Filbfilb argues that a “reasonable” bullish target could lie at just below the $50,000 mark. This echoes assumptions from his previous interview in early September when BTC/USD traded at just below $26,000. That said, a drawdown could easily come first, testing the morale of those who might already be used to BTC price upside.
Technical Analysis and Moving Averages
When asked about Bitcoin definitively breaking out of its previous range below $30,000, Filbfilb explains that the 20, 50, 100, and 200-week simple moving averages (MAs) are all around $30,000 at the moment. He believes that these MAs, which also lie toward the top of the trading range below $30,000 and above $25,000, are a strong indicator of a breakout and trend change from the two-year bear market.
Bitcoin ETF Approval and Price Impact
Regarding the approval of a Bitcoin ETF, Filbfilb maintains that it will continue to be delayed as long as possible, but a spot ETF is inevitable. He suggests that the major players in the industry are not wasting their time, and the approval may come unexpectedly from left field. As for the impact on price, it remains to be seen.
Resistance and Support Levels
When asked about the point of control on the BTC price chart, Filbfilb notes that it depends on the timeframe. Over the last couple of years, $26,000 has been an important point of control, while over the last six months, it suggests closer to $27,000. He also highlights resistance levels around $38,000–$41,000, which have seen significant trading volume before market implosions.
Perspective on Pre-Halving Action
In the previous interview, Filbfilb predicted a BTC price boost as part of pre-halving action in Q4. While he believes that price appreciation has been observed in Q4, he also suggests that Q1 2024 could see a pullback before another run into the halving. He considers a 61.8% Fibonacci retracement of the bear market, around $46,000–$48,000, as a reasonable technical target assumption from a bullish perspective.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.