Prominent cryptocurrency analyst Filbfilb, who also co-founded the trading platform Decentrader, expressed excessive bullishness over the performance of Bitcoin (BTC) and cautioned bulls.
“Global disaster”: Trader on Bitcoin’s (BTC) road to $25,000
The biggest cryptocurrency, Bitcoin (BTC), is not expected to go below $25,000 (which would represent a 43% decrease from its current price), according to a trader on X, previously Twitter, who goes by the alias @Filbfilb.
https://x.com/filbfilb/status/1733249469779513565?s=20
In an upbeat message today, Dec. 9, 2023, he said that the only scenario that could drive the price of bitcoin to such levels signals some kind of impending worldwide catastrophe:
In my opinion, there is very little chance that Bitcoin will go below $25k; in fact, a major world catastrophe would be required for it to happen. Enjoy your weekend.
He emphasised that the price of Bitcoin (BTC) has made enormous development thus far: In 2023, the orange coin had a 150% increase in value. After being completely destroyed by the FTX crash a year ago, it battled to remain above the $16,500 mark.
In addition, the trader is certain that, at this point in the Bitcoin (BTC) bull market, a sound correction is “due”. Since the impending drop may be “deep,” the trader advises against acting on this research as a buy call right now.
Bitcoiner Samson Mow, who “didn’t mind a Bitcoin pullback,” shares his opinions, as originally reported by U.Today.
Is Bitcoin (BTC) overbought right now?
As of the time of publication, the price of Bitcoin (BTC) is $43,950, down 0.13% from the previous day. The overnight increase of 0.16% brings the net capitalization of cryptocurrency markets to $1.61 trillion.
The “Fear and Greed” index for Bitcoin (BTC) increased to 73/100, a sign of an overheated market.
Additionally, as the popular trading platform TradingView shows, the price of Bitcoin (BTC) is 75 on the relative strength index (RSI), indicating that the biggest cryptocurrency is overbought.
