DecenTrader’s Filbfilb deems $48K as a rational Bitcoin price objective

Bitcoin (
BTC
) is on track to reach $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 price action. Filbfilb believes that Bitcoin has successfully broken out of its previous range below $30,000, which characterized the market for much of 2023. He suggests that the 20, 50, 100, and 200-week moving averages act as strong indicators of a breakout and trend change from the two-year bear market. Filbfilb also discussed the possibility of a Bitcoin ETF approval, stating that while it may be delayed, it is inevitable. He believes that the approval could come unexpectedly from left field. In terms of key technical levels, Filbfilb highlights $26,000 as an important point of control over the past couple of years and $27,000 over the last six months. He also identifies resistance around $38,000-$41,000 as an area of contention. Despite concerns about Q1 2024 having a negative effect, Filbfilb believes that a pullback followed by another run into the halving is likely. He suggests that a reasonable technical target assumption from a bullish perspective would be a 61.8% Fibonacci retracement of the bear market, which equates to $46,000-$48,000. Please note that this article does not provide investment advice and readers should conduct their own research before making any decisions.