Source: Cointelegraph
Original: “Analyst: Bitcoin (BTC) Hits $2 Trillion Market Cap, Rally is ‘Ridiculous’”
Key Points:
Bitcoin is facing a dual battle for the $100,000 and $2 trillion market cap this month.
Analyst Filbfilb states that a drop below six figures "can easily happen," but the odds are clearly in favor of the bulls.
ETH/BTC needs to reach the 0.03 pivot point as part of the altcoin resurgence.
Bitcoin is ready for expansion, with a well-known analyst stating that BTC price action has rarely been this "bullish."
In his latest comments on the X platform, renowned market analyst Filbfilb revealed the ongoing key support battle for BTC/USD.
After a rapid rise this month, Bitcoin has begun to consolidate, with "volatile" BTC price action in the area just above $100,000.
However, for Filbfilb, the current market behavior is not just about reclaiming six figures.
Data from Cointelegraph Markets Pro and TradingView confirms that Bitcoin's market cap is currently attempting to flip the $2 trillion mark from a resistance level to a solid support level, having lost that position in early February.
"By the way, Bitcoin is currently at the $2 trillion resistance level, it's not just about $100,000," he told his fans on the X platform.
As this tug-of-war unfolds, Bitcoin's dominance in the overall crypto market has begun to weaken, leading some market participants to anticipate a resurgence of altcoins.
When discussing the performance of the largest altcoin Ethereum (ETH) against Bitcoin, Filbfilb stated that once ETH/BTC reclaims the 0.03 level, "the trend will change," a level that was last seen in early February.
However, from a more macro perspective, the implications of Bitcoin surpassing $100,000 are quite clear.
"Due to human psychological factors, $1 or $100 is often a stagnation point for most assets. Do an exercise, observe other assets; they all exhibit similar behavior," Filbfilb continued to explain, referring to the psychological significance of integer price points. "After breaking through integer levels to liquidate shorts following long-term resistance, then retracing to the 80% level, and subsequently expanding again. I believe this time will be no exception."
BTC/USD fell to around $75,000 in April, a multi-month low. As Cointelegraph reported, this event was strongly supported by on-chain reversal signals, with the Hash Ribbons indicator issuing a rare "buy" signal shortly before.
Meanwhile, Bitcoin continues to receive bullish price predictions from long-term traders and analysts, who unanimously agree that the current slowdown is merely a stepping stone towards approaching the historical high of $110,000.
Short-term targets include $120,000, with $150,000 or more possible by June.
"As for Bitcoin… honestly… ridiculous, the further you look, the more incredible it seems," Filbfilb added. "A drop below $100,000 can easily happen in the short term, however, I haven't seen such a bullish trend in a long time."
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