U.Today – Top cryptocurrency analyst Filbfilb, co-founder of trading platform Decentrader, shared an extremely bullish opinion on bitcoin (BTC) performance and a warning for bulls.
“Global disaster.” Trader on Bitcoin’s (BTC) Road to $25,000
Bitcoin (BTC), the largest cryptocurrency, is unlikely to fall below $25,000 (which would represent a 43% drop from the current price), says a pseudonymous trader who goes by @Filbfilb on X, formerly Twitter.
The only scenario that would push the BTC price to such levels implies some sort of coming global catastrophe, he said in an optimistic message today, December 9, 2023:
He stressed that the progress made so far by the price of bitcoin (BTC) looks massive: The orange coin managed to rise 150% in 2023. A year ago, it struggled to stay above the $16,500 level, decimated by the FTX collapse.
At the same time, the trader is sure that a healthy correction is “due” at this stage of the bitcoin (BTC) bull market. The upcoming correction could be “deep”, so the trader recommends not to treat this analysis as an immediate buy call.
His views are echoed by bitcoiner Samson Mow, who “doesn’t mind a bitcoin pullback,” as previously reported by U.Today.
Is Bitcoin (BTC) overbought right now?
At press time, Bitcoin (BTC) is trading 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.
The Bitcoin (BTC) “Fear and Greed” index climbed to 73/100, which is an indicator of overheated market sentiment.
Also, as shown by leading trading portal TradingView, the Bitcoin (BTC) price’s Relative Strength Index (RSI) is at 75, indicating an overbought status of the largest cryptocurrency.
