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Experienced crypto currency analyst Filbfilb warned that Bitcoin (BTC) could have more to lose if the BTC price chart pattern continues as usual.
Decline Alarm in BTC
The founder of the DecenTrader trading package, in his latest update on January 19, sounded the alarm about Bitcoin reaching its lowest monthly levels. Data obtained from the 21milyon.com website confirmed that the BTC price movement dropped to $40,600 overnight, indicating a nearly 20% drop from the previous week’s local highs.
Expert Filbfilb is particularly concerned with three-day time frames. By uploading a comparative chart, he showed that when the three-day chart falls below the daily 50-period simple moving average (DMA), there is a tendency for more downward movement. The chart extends up to $69,000, the all-time high seen in November 2021. The senior analyst stated in his remarks:
There’s a three-day decline with a break below the 50 DMA. There are several past examples of this.
Analyst’s Successful Prediction
Previously, Filbfilb had successfully predicted that Bitcoin would reach $48,000 during the announcement of the approval of United States-based spot Bitcoin exchange-traded funds (ETFs). There is a similar BTC price target for the block subsidy halving in April. Additionally, the overnight drop brought BTC/USD below the opening price for 2024. Financial commentator Tedtalksmacro, analyzing liquidity conditions, marked $40,000 as the next critical level to watch.
In conclusion, crypto currency analyst Filbfilb warned that Bitcoin could lose more value due to the ongoing downtrend in BTC’s price chart pattern. This warning, supported by concerning three-day charts, was made after BTC experienced a 20% drop last week, retreating to the $40,000 levels. The analyst emphasized the uncertainty in determining Bitcoin’s future price movements, taking into account liquidity conditions and critical levels.
