Bitcoin looks 'ridiculous' as bulls attempt $2T market cap flip — Analyst
Key points:
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Bitcoin has a fight for a $100,000 price and a $2 trillion market cap on its hands this month.
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Dips below six figures are “easily possible,” analyst filbfilb says, but the odds are stacked in bulls’ favor.
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ETH/BTC needs to hit the 0.03 inflection point as part of an altcoin comeback.
Bitcoin (BTC) 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 Cointelegraph 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 (ETH), 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 Cointelegraph reported, the event was well supported by onchain reversal signals, with the Hash Ribbons indicators delivering a rare “buy” signal shortly beforehand.
” 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.
Related: BTC bulls get ‘biggest signal’ — 5 things to know in Bitcoin this week
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.”
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.