Bitcoin (BTC) is on track to approach $50,000 by the time of next year’s block subsidy halving event, according to longtime analyst Filbfilb. In an interview with Cointelegraph, the co-founder of trading suite DecenTrader shared his thoughts on BTC’s price action. Filbfilb believes that Bitcoin has definitively broken out of its previous range below $30,000, which characterized the market for much of 2023. He suggests that the strength of the various moving averages (MAs) that previously acted as resistance indicates a breakout and trend change from the two-year bear market. Looking ahead, Filbfilb argues that a reasonable bullish target could be just below the $50,000 mark by the time of the halving in April 2024. However, he also acknowledges the possibility of a drawdown before that. Regarding a Bitcoin ETF approval, Filbfilb believes that it will continue to be delayed but is inevitable. He suggests that the approval could come unexpectedly and have an impact on the price. In terms of support and resistance levels, Filbfilb identifies $26,000 as an important point of control over the last couple of years, while closer to $27,000 over the last six months. He highlights the resistance around $38,000-$41,000 as a clear area of contention. Lastly, Filbfilb notes that the price appreciation in Q4 aligns with his previous perspective, and he expects a potential pullback in Q1 2024 before another run into the halving. He suggests that a 61.8% Fibonacci retracement of the bear market, ranging from $46,000 to $48,000, could be a reasonable technical target assumption. Please note that this article does not contain investment advice or recommendations, and readers should conduct their own research.
DecenTrader's Filbfilb deems a BTC price target of $48K as 'reasonable'.