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The price of Bitcoin is currently defending $36,000, but a popular analyst has revealed an ambitious target. It is not surprising to see this correction amidst strong signals of a resurgence in the cryptocurrency market.
How Much Will Bitcoin Be Worth?
Filbfilb, the co-founder of DecenTrader, has been sharing evaluations regarding cryptocurrencies for a long time. Moreover, his analyses are closely followed by investors. In his recent market assessment, the expert made confident statements about the continuation of the upward movement.
According to the analyst, Bitcoin has definitively bid farewell to levels below $30,000, which had become a source of agony for the cryptocurrency in 2023. This indicates a solid ground for further growth. Bitcoin bulls exceeded the resistance levels of $36,000 and $38,000 for an extended period of time. However, each new resistance attempt further increased hopes.
With only 5 months left until the Bitcoin halving in April 2024, Filbfilb predicts a “reasonable” price target of $48,000.
Why Will Cryptocurrencies Rise?
There are numerous events that fuel optimism for the coming year. One of these is the effect of halving and the four-year cycles, which already indicate what will happen. It is hoped that delayed four-year cycles will trigger the next bull season in the markets. Filbfilb says the following:
“All the 20, 50, 100, and 200-week simple moving averages are currently around $30,000. Additionally, they are stretching towards the top of the trading range below $30,000 that Bitcoin spent about 200 days below and above $25,000. Together, they will show that there will be buying interest below and that it is a strong indicator of a breakout and trend change from a two-year bear market.”
Although experts like Peter claim that the news of ETF approval will cause a sell-off in the crypto market, the general consensus in the market is that the inevitable rise in cryptocurrencies is accompanied by increasing institutional demand. Filbfilb emphasizes that there is now strong demand at lower levels in the technical field and highlights the inevitability of upward movement. Time will tell who is right.
