$48K is now ‘reasonable’ BTC price target — DecenTrader’s Filbfilb
Bitcoin (BTC) remains on track to near $50,000 around next years block subsidy halving event, long time analyst Filbfilb says.In his latest interview with Cointelegraph, the co-founder of trading suite DecenTrader shares his ideas on BTC cost action.Filbfilb: Bitcoin has offered “strong sign” of bear market breakoutBitcoin has well and really cemented its exit from a sub-$30,000 trading variety, which characterized the market for much of 2023, Filbfilb believes.Having conquer a plethora of resistance levels, the concern for Bitcoin bulls now is how rate action will turn out into the halving.Due in April 2024, less than 5 months remain till the occasion, and Filbfilb argues that a “sensible” bullish target could lie at simply listed below the $50,000 mark. That stated, a drawdown could quickly come first, testing the spirits of those who might already be utilized to BTC rate upside.Continue reading to discover what the coming months could have in store for Bitcoin from a technical cost perspective.Cointelegraph (CT): Do you believe that BTC has definitively broken out of its previous variety below $30,000? Related: Funding rates echo $69K BTC price– 5 things to know in Bitcoin this weekA 61.8% Fibonacci retracement of the bear market– $46,000-$48,000– would be an affordable technical target assumption from a bullish perspective in my viewpoint.
Bitcoin (BTC) remains on track to near $50,000 around next years block subsidy halving occasion, longtime expert Filbfilb says.In his latest interview with Cointelegraph, the co-founder of trading suite DecenTrader shares his ideas on BTC price action.Filbfilb: Bitcoin has actually given “strong indicator” of bear market breakoutBitcoin has well and genuinely cemented its exit from a sub-$30,000 trading range, which characterized the market for much of 2023, Filbfilb believes.Having conquer a wide range of resistance levels, the concern for Bitcoin bulls now is how rate action will turn out into the halving.Due in April 2024, less than 5 months stay until the occasion, and Filbfilb argues that a “affordable” bullish target might lie at just listed below the $50,000 mark. That said, a drawdown could quickly come first, testing the morale of those who might already be utilized to BTC price upside.Continue checking out to discover what the coming months could have in store for Bitcoin from a technical price perspective.Cointelegraph (CT): Do you believe that BTC has definitively broken out of its previous range below $30,000? Source: DecenTraderCT: Whats your timeline for a Bitcoin ETF approval, and what do you believe the event would do to price? Source: DecenTraderCT: In our last interview you were considering a BTC price increase as part of pre-halving action in Q4. Related: Funding rates echo $69K BTC rate– 5 things to understand in Bitcoin this weekA 61.8% Fibonacci retracement of the bear market– $46,000-$48,000– would be a reasonable technical target presumption from a bullish perspective in my opinion.