Bitcoin Breaks Out of Sub-$30,000 Range
Bitcoin (BTC) has successfully broken out of its previous trading range below $30,000, according to longtime analyst Filbfilb. The co-founder of trading suite DecenTrader believes that the market has shifted and is now looking towards the upcoming block subsidy halving event in 2024. Filbfilb suggests that a "reasonable" bullish target for BTC could be just below the $50,000 mark.
Resistance Levels and Moving Averages
Filbfilb discusses the importance of various moving averages (MAs) in assessing BTC's price action. He highlights that the 20, 50, 100, and 200-week simple moving averages are currently around $30,000. These MAs, along with the trading range between $25,000 and $30,000, suggest a breakout and trend change from the two-year bear market.
The Outlook for a Bitcoin ETF Approval
When asked about the timeline for a Bitcoin exchange-traded fund (ETF) approval, Filbfilb remains firm in his belief that it will continue to be delayed. However, he believes that a spot ETF is inevitable and that it's only a matter of time before it is approved. Filbfilb speculates that the approval may come unexpectedly, possibly from a source that was not initially anticipated.
Key Price Levels and Areas of Contention
Regarding key price levels, Filbfilb mentions that $26,000 has been an important point of control over the past couple of years, while the last six months indicate a point closer to $27,000. He also highlights the resistance levels between $38,000 and $41,000, which saw significant trading volume before recent market volatility. This range is expected to be a point of contention for market participants.
Pre-Halving Action and Q1 2024
Filbfilb acknowledges that his perspective on BTC price action in Q4 has been accurate so far, with price appreciation occurring. Looking ahead to Q1 2024, he suggests that there could be a pullback before another run into the halving. According to his technical analysis, a reasonable target assumption from a bullish perspective would be a 61.8% Fibonacci retracement of the bear market, ranging from $46,000 to $48,000.
Disclaimer: This article does not provide investment advice or recommendations. Readers are advised to conduct their own research and exercise caution when making investment decisions.
