- Bitcoin plunged by hundreds of dollars in a few hours
- Filb Filb is optimistic about the prospect for the digital currency market
- Bitcoin could surge to $11,500 in the near term if it bottoms at $9,500 to $9,700 – Filb Filb
Bitcoin News Today – After several weeks of a continuous price upsurge, the world’s largest digital currency by market cap just saw a major correction on Saturday. On Saturday morning, the price of Bitcoin (BTC) plunged from $10,400 to a low of $9,700, on some trading platforms, a decrease of about 7 percent in just a few hours.
Top Crypto Analyst Is Still Optimistic about the Crypto Market’s Prospect
Despite the heavy dip, which liquidated Bitcoin positions worth millions of dollars on BitMEX and a few other leverage-enabled trading platforms, a top crypto analyst is optimistic about the prospects for the digital currency market. The analyst, Filb Filb, said that if the price of Bitcoin plunges to the $9,500 or $9,700 areas, there is a high chance that the price of the digital currency could rocket over a dozen percent higher to $11,500 in the coming weeks.
After Bitcoin lost hundreds of dollars in just a few hours, many investors were running scared, with some of them making assertions such as the “bull trend is over.” Despite the increasing fear of a huge market correction, Filb Filb, a pseudonymous trader, has remained cheery.
Bitcoin (BTC) Price Today – BTC / USD
In September last year, Filb Filb posted a chart, drawing a forecast of the price trend BTC could see heading into the second quarter of 2020. Some laughed off the chart as a pure bearish sentiment. However, the forecast was proven to be almost 100 percent correct when the price of BTC surged towards $10k and then crashed to the mid-$6k levels by the end of the year.
Just as the prediction of Filb Filb indicated, the digital currency started surging higher heading into 2020. Adding to his accolades, the analyst predicted the bottom of BTC at $3,150 in December 2018, months before it happened.
Bitcoin (BTC) Is Still In a Bullish Zone
In a recent comment, Filb Filb said that there is a “reasonable case” to be made that the recent plunge is actually the “third real” correction in this upward trend. He noted at the two plunges before then were of similar magnitude in the grand scheme of things. The analyst said that if history repeats itself, the price of BTC could surge to $11,500 by the beginning of next month, which would mark an increase of 17 percent from the present range of the digital currency.
He previously targeted the $11,500 mark because the digital currency made a weekly candle close over the $9,500 level. Historically, that level has been an inflection point for this growing market. At press time, Bitcoin is hovering around the $10k level.