Vladislav Sopov
Longtime analyst @filbfilb shares his views on the prospects of a BTC price correction: What can cause it?
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Contents
- “Global Catastrophe”: Traders on Bitcoin (BTC)’s Path to $25,000
- Is Bitcoin (BTC) currently overbought?
Senior cryptocurrency analyst Filbfilb and co-founder of trading platform Decentrader expressed an extremely bullish opinion on Bitcoin (BTC) performance and warned bulls.
“Global Catastrophe”: Traders on Bitcoin (BTC)’s Path to $25,000
Bitcoin (BTC), the largest cryptocurrency, is unlikely to fall below $25,000 (which would represent a 43% drop from current prices), says a pseudonymous trader who goes by @Filbfilb on X, formerly Twitter .
The only scenario that would drive BTC price to such levels suggests some kind of global catastrophe, he explained in an optimistic message today, December 9, 2023:
In my opinion, the likelihood of Bitcoin falling below $25,000 is so small that it would require a global catastrophe. Have a nice weekend.
He emphasized that the progress that the Bitcoin (BTC) price has made so far seems tremendous: the orange coin was able to increase by 150% in 2023. A year ago, it struggled to stay above the $16,500 mark, which was decimated by the FTX collapse.
At the same time, the trader is sure that a sharp correction is “due” in this phase of the Bitcoin (BTC) bull market. The upcoming correction could be “profound,” so the trader recommends not viewing this analysis as an immediate call to buy.
His views are shared by Bitcoiner Samson Mow, who “didn’t mind a Bitcoin decline,” as U.Today previously reported.
Is Bitcoin (BTC) currently overbought?
At press time, Bitcoin (BTC) was changing hands at $43,950, down 0.13% in the last 24 hours. The net capitalization of the cryptocurrency markets is $1.61 trillion, up 0.16% overnight.
Bitcoin’s (BTC) “Fear and Greed” index climbed to 73/100, an indicator of overheated market sentiment.
As leading trading portal TradingView shows, the Relative Strength Index (RSI) of Bitcoin (BTC) price is at 75, indicating an overbought status for the largest cryptocurrency.
About the author
Vladislav Sopov
Blockchain analyst and author with a scientific background. 6+ years in IT analytics, 3+ years in blockchain.
Participation in independent analysis and start-ups (Swap.online, Monoreto, Attic Lab etc.)
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
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