Reports indicate that for the first time in a long time, the crypto market’s prospects have started to look bright as the new passes. Analysts have now started to acknowledge this fact. They have started to show cautious optimism for Bitcoin (BTC)’s prospects and where it could be heading next.
Bitcoin (BTC) Price Today – BTC / USD
Why it is Feasible to Say Bitcoin Price CCN Will Reach $5,000 by May
To prove why Bitcoin price could reach $5,000 by May, Prolific trader Filb Filb took to Twitter to share an explanation.
According to him, several technical measures are turning in Bitcoin’s favor. He focused on the 12-hour Moving Average Convergence Divergence. Citing that it has started trending positive above zero. Filb also touched on the Chaikin Money Flow. Citing that it has begun to signal underlying buying pressure in Bitcoin (BTC).
Bitcoin (BTC) Testing a Macro 14 Month Resistance Downtrend
Filbs also adds that Bitcoin is now testing a “macro 14-month resistance” downtrend. He expects it to break into higher lows should it surpass that level, which will become a support position. A shift above this level would push Bitcoin price into a situation where rallies and drawdowns can be accentuated with only little-to-zero volume. Hence, we can safely say the leading digital currency will hit $5,000 by May of this year.
According to Filbs it might not be very simple. For this bullish pattern to hold, Bitcoin has to stay above $3,722.5 (which is the 50% Fibonacci level) and $3,400. The reason is that the crypto may see potential lower lows.
Filbs Remains Bullish On Bitcoin (BTC) In The Long-Term
Filb’s most recent Bitcoin chart is next in a line when picking optimistic quips for the crypto. In a similar way, as he remains bullish in the short-term position of BTC, the prominent trader hopes that the medium and long-term are bullish.
According to a previous report given by Ethereum World News, the Twitter commentator took a bet with Leah Wald. Leah Wald is a crypto trader who subscribes to the Tyler Jenks’ Hyperwave theory. In Wald’s view, BTC has to reach $1,500 before it gets to $6,500. Filb, on the other hand, is sure that the digital asset will reach those levels near-impossible. Thus, both traders put up a single BTC as a wager.
On the long-term, Filbs expects Bitcoin to break its six-digit cell. He explained that Bitcoin getting to $333,000 isn’t illogical via an extensive thread only weeks ago. The analyst wrote that from the “long form valuation” for Bitcoin, considering adoption, transaction penetration, and supply, among other factors, BTC could rally parabolically. Filbs also adds that if the leading asset class follows the historical growth cycle of the Internet industry, it could hit $1,000,000+ in the long-term.
As of the time this report was published, TradingView, the site where Filb hosted his chart, has removed his post. The reason for this isn’t clear, although TradingView reported a violation of its “house rule.”
What do you think about this price prediction for BTC? Do you think it is feasible and will it drag other cryptos along with it?