Crypto analyst Filbfilb cautions that Bitcoin (BTC) could face more losses if the current price chart pattern persists. The DecenTrader co-founder highlighted Bitcoin’s drop to monthly lows, with data confirming a nearly 20% decline from the previous week’s high to $40,600 overnight.
Filbfilb pointed out concerning patterns over three-day time frames. He showed that when the three-day chart falls below the 50-day moving average (DMA), there’s a tendency for further downward movement. The chart extends back to Bitcoin’s all-time high of $69,000 in November 2021.
Previously, Filbfilb accurately predicted Bitcoin reaching $48,000 during the announcement of the approval of U.S.-based spot Bitcoin exchange-traded funds (ETFs). He also has a similar BTC price target for the upcoming block subsidy halving in April.
The recent overnight drop pushed BTC/USD below its 2024 opening price. Financial commentator Tedtalksmacro identified $40,000 as the next critical level to watch, considering liquidity conditions.
In summary, Filbfilb warns of potential further declines in Bitcoin’s value, backed by alarming three-day chart patterns and a recent 20% drop to around $40,000. The uncertainty in determining future price movements for Bitcoin remains, with liquidity conditions and critical levels being key factors.