Bitcoin has established itself in the $7,600-$9,000 range, and is slowly regaining momentum. Veteran crypto trader, Filbfilb, confirms in his latest Decentrader newsletter that we should see the leading asset break above $12,500 before the upcoming halving event.
Dip to $5,000 Becoming Less Likely
The often-repeated meme for a dip to $5,000 may not materialize, the analysis confirms. Current support levels with robust volumes may prevent the slide, with a strong support level at $8,100. The $5,000 narrative is based on longer-term analysis of bitcoin still making lower highs, but the bullish MACD crossover that has recently appeared on the 1W BTC/USD chart strongly suggests against further decline.
It is often easy to get consumed by the narrative on twitter and fear mongering around dumping to $5k. As it stands, I cannot see the argument on the chart; sure, we haven’t put in a higher high yet on the Macro timeframes, but that is always the case until after the event.
The analysis does, however, mention that dips in bitcoin’s…