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The Bitcoin Price Could Hit $16,000 Before The 2020 BTC Halving…
Bitcoin’s price action at the end of 2019 was largely unexpected; the 40% surge towards $10,000 then the subsequent crash to the $6,000s caught many with their pants down, so to speak.
But, there was at least one trader who called this turn of events: Filb Filb, a pseudonymous cryptocurrency trader known for making some crazy accurate calls, including a forecast of a ~$3,000 BTC price bottom in the 2018 bear market.
In October 2019, he published a chart, which shows that his estimation was for Bitcoin (BTC) to surge vertically to the $9,000s, then plunge to the low- to mid-$6,000s by December, to only recover back to $9,000 by January or February of this year.
In the latest edition of his Decentrader newsletter, Filb Filb wrote that Bitcoin could be on track to move to the $15,800 price point just prior to the halving.
He backed this tentative forecast by noting that prior to the previous halving, Bitcoin found a temporary top at $800, the 78.6% Fibonacci Retracement of the bull market before the halving:
“We can see that the pre halving ultimate top was around $800, or the 78.6% fib retracement. While history never repeats but often rhymes, this would actually put a top in around $15.8k.”
While his $16,000 target was based on historical trends, there is a confluence of technical analysis from Filb Filb suggesting that more upside is imminent.
In a post to his Telegram channel, Filb Filb wrote that 8/8 of the time frames he actively tracks, which includes the four-hour, one-day, and one-month candles, are signaling a buy per his indicators – “the holy grail.”
This suggests that the price of Bitcoin will surge even higher in the coming weeks and months.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.