Bitcoin looks ‘ridiculous’ as bulls attempt $2T market cap flip — Analyst
Bitcoin can hardly get any more bullish, says independent analyst filbfilb, as $100,000 slowly returns as support and bulls fight to cement a $2 trillion market cap.
Key points:
- Bitcoin has a fight for a $100,000 price and a $2 trillion market cap on its hands this month.
- Dips below six figures are “easily possible,” analyst filbfilb says, but the odds are stacked in bulls’ favor.
- ETH/BTC needs to hit the 0.03 inflection point as part of an altcoin comeback.
Bitcoin is poised for expansion with BTC price action rarely more “bullish-looking,” an analyst says.
In his latest commentary on X, market analyst filbfilb revealed a key support battle now underway on BTC/USD.
Filbfilb on $100,000 battle: “This time is no different”
Bitcoin has begun to consolidate after making rapid gains this month, with the area just north of $100,000 seeing “choppy” BTC price moves.
For filbfilb, however, current market behavior is about more than reclaiming six figures.
Bitcoin’s market cap is now fighting to flip the $2 trillion mark from resistance back into firm support after losing it at the start of February, data from Markets Pro and TradingView confirms.
“Bitcoin is currently at 2 tril resistance btw, its not just 100k,” he told X followers.
The tug-of-war comes as Bitcoin’s dominance of the overall crypto market cap begins to fade, leading some to anticipate the reemergence of altcoins.
Giving his thoughts on the largest altcoin, Ether, versus BTC, filbfilb said that the “trend changes” once ETH/BTC reclaims 0.03, a level also last seen in early February.
Zooming out, the implications of Bitcoin definitively leaving $100,000 behind are plain.
“$1 or $100 is normally a sticking point for most assets due to humans. Do an exercise and look at other assets; they all do similar stuff,” filbfilb continued, referring to the psychological significance of round-number price points.
“Burn the round number after ages of resistance to liquidate shorts, come back to the 80s, then find expansion later. I believe this is no different.”
BTC/USD found multimonth lows at around $75,000 in April. As reported, the event was well supported by onchain reversal signals, with the Hash Ribbons indicators delivering a rare “buy” signal shortly beforehand.
Get to know Godleak
Godleak crypto signal is a service which provide profitable crypto and forex signals. Godleak tried to provide you signals of best crypto channels in the world.
It means that you don’t need to buy individual crypto signal vip channels that have expensive prices. We bought all for you and provide you the signals with bot on telegram without even a second of delay.
Godleak crypto leak service have multiple advantages in comparision with other services:
- Providing signal of +160 best crypto vip channels in the world
- Using high tech bot to forward signals
- Without even a second of delay
- Joining in +160 separated channels on telegram
- 1 month, 3 months , 6 months and yearly plans
- Also we have trial to test our services before you pay for anything
For joining Godleak and get more information about us only need to follow godleak bot on telegram and can have access to our free vip channels. click on link bellow and press start button to see all features
Join for Free
☟☟☟☟☟
https://t.me/Godleakbot
Also you can check the list of available vip signal channels in the bot. by pressing Channels button.
Outlook “honestly ridiculous”
Bitcoin continues to field bullish price prognoses from longtime traders and analysts, who agree that the current slowdown is a stepping stone to a rematch with all-time highs near $110,000.
Targets include $120,000 in the short term, with June in line for $150,000 or more.
“As for Bitcoin… Honestly.. Ridiculous, the more you zoom out, the more insane it looks,” filbfilb added on the outlook.
“Short-term pullbacks below 100k are easily possible, however, I haven’t seen such a bullish-looking thing in a long time.”
