{"id":412220,"date":"2020-01-24T18:00:22","date_gmt":"2020-01-24T18:00:22","guid":{"rendered":"https:\/\/wncen.com\/?p=412220"},"modified":"2024-06-11T13:40:59","modified_gmt":"2024-06-11T13:40:59","slug":"analyst-who-called-bitcoin-crash-6000-says-this-next","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/analyst-who-called-bitcoin-crash-6000-says-this-next\/","title":{"rendered":"Top Analyst Who Called Bitcoin’s Crash to $6,000 Says This is Next"},"content":{"rendered":"

Few analysts have called Bitcoin<\/a> (BTC) price action over the past few months and years as well as Filb Filb. <\/a><\/p>\n

The pseudonymous trader in 2018 called the cryptocurrency’s bottoming price around $3,000 and the subsequent surge.<\/p>\n

In October of last year, Filb Filb depicted in a TradingView<\/a> chart that he expects BTC to surge towards $10,000, then crash to $6,400 to find a macro bottom. Bitcoin did exactly that, moving almost exactly as the forecast on his chart, down to the dates. It was a bit eerie.<\/p>\n

The trader just issued his latest analysis, showing optimism on Bitcoin’s price trend heading into 2020.<\/p>\n

Related Reading: Key Google Metric: Bitcoin May Explode Into $100,000 Parabolic Rally<\/a><\/h6>\n
Bitcoin to Hit $12,500 By May?<\/strong><\/h2>\nIn Filb’s latest edition of his Decentrader<\/a> newsletter, he wrote that with the latest price action in mind \u2014 BTC bouncing off the $6,000s and rallying to the $8,000s \u2014 he is bullish heading into the block reward reduction in May of this year:<\/p>\n
“Overall, Bitcoin is exactly where [I] anticipated; slowly grinding up towards previous resistance… I’m very much of the opinion that Bitcoin will reach to at least $12,500 level before the halving.”<\/p><\/blockquote>\n
Should Bitcoin hit at least $12,500 prior to the halving, it will need to rally by nearly 50% from the current price of $8,450.<\/p>\n
As to why $12,500 makes sense, he noted that that is the “top target” for a bullish inverse head and shoulders chart that is forming on a medium-term basis for Bitcoin.<\/p>\n
The eerily accurate analyst added that those calling for BTC to fall back to the $5,000s are fearmongering, saying he sees no case for such prices on the macro charts.<\/p>\n
Not Only Analyst Expecting Pre-Halving Boom<\/h2>\n
It isn’t only Filb Filb who thinks that Bitcoin will experience strong price action around the block reward halving.<\/p>\n
Per previous reports from NewsBTC,<\/a> BTC-centric analyst Nunya Bizniz<\/a> noted that between the four months prior to every halving and the halving itself, there was always bullish price action.<\/p>\n
In the four months prior to the first halving in 2012, the price of BTC rallied dozens of percent higher from $10 to around $14 by the time of the event; and in the four months prior to the second halving in 2016, the price of Bitcoin went effectively parabolic, running from $432 to $700.<\/p>\n
Of course, this is a sample size of two, but the premise of BTC rallying into each halving makes sense.<\/p>\n
\n
Bitcoin is about 120 days away from the halving.<\/p>\n
What was price action like 120 days prior to the first two halvings?<\/p>\n
Whether you believe its priced in or not, if past is prologue – volatility may be expected. pic.twitter.com\/7peG6Ir0m4<\/a><\/p>\n
— Nunya Bizniz (@Pladizow) January 10, 2020<\/a><\/p><\/blockquote>\n