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Bitcoin (BTC) Below $25,000: Chances Revealed by Seasoned Trader

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Sat, 9/12/2023 - 16:26
Bitcoin (BTC) Below $25,000: Chances Revealed by Seasoned Trader
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Top-tier cryptocurrency analyst Filbfilb, co-founder of the trading platform Decentrader, shared an extremely bullish opinion on Bitcoin (BTC) performance and a warning for bulls.

"Global disaster": Trader on Bitcoin's (BTC) road to $25,000

Bitcoin (BTC), the largest cryptocurrency, is unlikely to drop below $25,000 (which would mean a 43% plunge from the current price), says a pseudonymous trader who goes by @Filbfilb on X, formerly Twitter.

The only scenario that would push the BTC price to such levels implies some sort of global disaster to come, he stated in an optimistic message today, Dec. 9, 2023:

IMO the odds of Bitcoin going below $25k are low to the extent that it would need some sort of global disaster for it to occur. Have a nice weekend.

He stressed that the progress the Bitcoin (BTC) price accomplished so far looks massive: The orange coin managed to surge by 150% in 2023. One year ago, it struggled to stay above the $16,500 level, decimated by the FTX collapse.

At the same time, the trader is sure that a healthy correction is "due" at this stage of the Bitcoin (BTC) bull market. The upcoming correction might be "deep," so the trader recommends to avoid treating this analysis as an immediate buy call.

Related
'I Don't Mind Bitcoin Pullback Now' Samson Mow Says, Here's Why
 

His views are echoed by Bitcoiner Samson Mow, who "didn't mind a Bitcoin pullback," as covered by U.Today previously.

Is Bitcoin (BTC) overbought right now?

By press time, Bitcoin (BTC) is changing hands at $43,950, down by 0.13% in the last 24 hours. The net capitalization of cryptocurrency markets is $1.61 trillion, up by 0.16% overnight.

The Bitcoin (BTC) "Fear and Greed" index climbed to 73/100, which is an indicator of overheated market sentiment.

Also, as demonstrated by leading trading portal TradingView, the Bitcoin (BTC) price's relative strength index (RSI) is 75, which indicates an overbought status of the largest cryptocurrency.

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