Analysis Which Called Bitcoin's Drop to $6,000s Says 40% Rally Ahead

Analysis Which Called Bitcoin’s Drop to $6,000s Says 40% Rally Ahead

Nick Chong

Last Updated: June 11, 2024 1:35 pm

2 mins read

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Earlier this year, in late-September, prominent Bitcoin analyst FilbFilb posted this chart below, showing that he expects for BTC to jump by dozens of percent to near $10,000, then collapse to the low-$6,000s to interact with the “miners bottom range.”

While some laughed this off as pure bearish sentiment at the time, FilbFilb’s prediction was proven to be nearly 100% accurate, with Bitcoin surging past $10,000 in a temporary relief rally, then crashing the mid-$6,000s just earlier this month.

This isn’t FilbFilb’s only accolade. Around September or October of 2018, when BTC was flatlining in the low-$6,000s and as analysts were starting to feel optimistic, the trader called the mean reversion move to the low-$3,000s. And so it did, with Bitcoin falling from $6,000 to $3,000 in the last six weeks of 2018.

Heres my updated doom senario for $btc.

The only change since Dec 4th '17 is the time it takes to get to the mean line, which has worked in the bulls favour.

I still think there is a reasonable argument to be had that the bottom is in.
fwiw im net short on trading positions. pic.twitter.com/S4HPqydvpt

— filbfilb (@filbfilb) September 18, 2018

What does FilbFilb expect for Bitcoin to do next? Or more specifically, what does the prediction that called the drop to the $6,000s say is next for BTC?

Bitcoin to Soon Hit $10,000

Well, according to the chart that called Bitcoin’s recent decline to the mid-$6,000s, Bitcoin will form an Adam & Eve-esque bottom in the $7,000s, prior to breaking to the upside, rallying to $10,000 (40% above current levels) by the time of the halving in May 2020.

It isn’t clear if the abovementioned prediction is FilbFilb’s focus, though he recently asserted in his Telegram channel that “[Bitcoin] looking up across all timeframes at the moment,” adding that he expects for the cryptocurrency to retest resistances (presently in the high-$7,000s) should $7,250 hold in the coming short-term closes.

Also Bullish Long Term

FilbFilb isn’t only bullish in the immediate term, but in the long-term too.

Per previous reports from NewsBTC, the trader remarked that due to a number of fundamental inputs — including Bitcoin’s supply & rate of adoption, total global financial transactions, and worldwide debt — Bitcoin could easily surmount $333,000 within the coming decade.

Below is a long-form Bitcoin Valuation Model he created that takes Bitcoin’s share of the global transaction market and the number of BTC in circulation into account. It shows that the cryptocurrency is currently on an unstoppable path higher for the long run, a path that will take it much higher than it is trading at today.