Trader under the pseudonym filbfilb in an interview Cointelegraph allowed bitcoin to fall from current levels to $10,000-$11,000. In 2018, he gained notoriety for correctly predicting the end of a bear market.
According to the expert, Bitcoin has become highly correlated with the Nasdaq, which is under huge pressure due to politics. Fed. The first cryptocurrency behaves like a risky asset, not inflation insurance.
filbfilb noted that the upcoming winter will be a serious test for the inhabitants and politicians of the European Union, the consequences of which will negatively affect hodlers. The important thing will be how the countries of the Old World will be able to cope with the energy crisis.
According to him, everything is in the hands of diplomats who are able to prevent an emergency. Otherwise, risky assets will face a difficult future, which will also affect the positions of cryptocurrencies. The dialogue with Russia and NATO is important – the sooner it starts, the higher the minimum bitcoin will be, the expert emphasized.
Unlike previous bearish phases, this time around, things are a bit different in terms of drivers. From the point of view of the technical picture, on the contrary, there is a typical correction within the usual time horizon. Due to the lack of much trade in the $10,000–$20,000 zone, the fall could extend all the way to $10,000–$11,000.
The trader called “obvious” the rally of Bitcoin in the first quarter of 2023. He sees two reasons for this:
- The first is the seasonal factor. Downtrends end 1000 days after the halving (which will be early next year);
- the second is a change in moods to positive ones, based on game theory. With a probability of 2/3, the expert suggested that Europe will survive the coming winter, because if things go badly, this will increase the likelihood of a dialogue that will bring stability in the short term.
The specialist also commented on the upcoming The Merge on the Ethereum network. He noted that the reduction in the issue of the asset could spur the growth of the coin. At the same time, the expert did not rule out a dump after the event itself, citing the reaction of Bitcoin after the halving, which is similar in effect to the merger.
The interlocutor of the publication recalled the upcoming report on inflation in the United States on September 13.
Positive news and the triggering of the axiom “buy on rumors, sell on the fact” can lead to the leading dynamics of bitcoin. In the future, provided there are no problems after The Merge, the advantage will already be on the side of Ethereum, he added.
Recall that in August, bitcoin almost doubled the fall of the second cryptocurrency in terms of capitalization.
On September 7, Bitcoin quotes dropped to $18,500 for the first time since mid-July. Two days later, the price of digital gold returned to levels above $21,000.
Read Cryplogger bitcoin news in our Telegram – Cryptocurrency news, courses and analytics.
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Trader under the pseudonym filbfilb in an interview Cointelegraph allowed bitcoin to fall from current levels to $10,000-$11,000. In 2018, he gained notoriety for correctly predicting the end of a bear market.
According to the expert, Bitcoin has become highly correlated with the Nasdaq, which is under huge pressure due to politics. Fed. The first cryptocurrency behaves like a risky asset, not inflation insurance.
filbfilb noted that the upcoming winter will be a serious test for the inhabitants and politicians of the European Union, the consequences of which will negatively affect hodlers. The important thing will be how the countries of the Old World will be able to cope with the energy crisis.
According to him, everything is in the hands of diplomats who are able to prevent an emergency. Otherwise, risky assets will face a difficult future, which will also affect the positions of cryptocurrencies. The dialogue with Russia and NATO is important – the sooner it starts, the higher the minimum bitcoin will be, the expert emphasized.
Unlike previous bearish phases, this time around, things are a bit different in terms of drivers. From the point of view of the technical picture, on the contrary, there is a typical correction within the usual time horizon. Due to the lack of much trade in the $10,000–$20,000 zone, the fall could extend all the way to $10,000–$11,000.
The trader called “obvious” the rally of Bitcoin in the first quarter of 2023. He sees two reasons for this:
- The first is the seasonal factor. Downtrends end 1000 days after the halving (which will be early next year);
- the second is a change in moods to positive ones, based on game theory. With a probability of 2/3, the expert suggested that Europe will survive the coming winter, because if things go badly, this will increase the likelihood of a dialogue that will bring stability in the short term.
The specialist also commented on the upcoming The Merge on the Ethereum network. He noted that the reduction in the issue of the asset could spur the growth of the coin. At the same time, the expert did not rule out a dump after the event itself, citing the reaction of Bitcoin after the halving, which is similar in effect to the merger.
The interlocutor of the publication recalled the upcoming report on inflation in the United States on September 13.
Positive news and the triggering of the axiom “buy on rumors, sell on the fact” can lead to the leading dynamics of bitcoin. In the future, provided there are no problems after The Merge, the advantage will already be on the side of Ethereum, he added.
Recall that in August, bitcoin almost doubled the fall of the second cryptocurrency in terms of capitalization.
On September 7, Bitcoin quotes dropped to $18,500 for the first time since mid-July. Two days later, the price of digital gold returned to levels above $21,000.
Read Cryplogger bitcoin news in our Telegram – Cryptocurrency news, courses and analytics.
Found a mistake in the text? Select it and press CTRL+ENTER
