Bitcoin looks ‘ridiculous’ as bulls attempt $2T market cap flip — Analyst

Key points: Bitcoin has a fight for both $100,000 and a $2 trillion market cap on its hands this month. Dips below six figures are “easily possible,” analyst Filbfilb says, but the odds are stacked in bulls’ favor. ETH/BTC needs to hit the 0.03 inflection point as part of an altcoin comeback. Bitcoin ( BTC ) is poised for expansion with BTC price action rarely more “bullish-looking,” a popular analyst says. In his latest commentary on X, popular market analyst Filbfilb revealed a key support battle now underway on BTC/USD. Filbfilb on $100,000 battle: “This time is no different” Bitcoin has begun to consolidate after making rapid gains this month, with the area just north of $100,000 seeing “choppy” BTC price moves. For Filbfilb, however, current market behavior is about more than simply reclaiming six figures. Bitcoin’s market cap is now fighting to flip the $2 trillion mark from resistance back into firm support after losing it at the start of February, data from Cointelegraph Markets Pro and TradingView confirms. “Bitcoin is currently at 2 tril resistance btw, its not just 100k,” he told X followers. Bitcoin market cap 1-day chart. Source: Cointelegraph/TradingView The tug-of-war comes as Bitcoin’s dominance of the overall crypto market cap itself begins to fade , leading some to anticipate the reemergence of altcoins. Giving his thoughts on the largest altcoin, Ether ( ETH ) versus BTC, Filbfilb said that the “trend changes” once ETH/BTC reclaims 0.03, a level likewise last seen in early February. ETH/BTC 1-day chart. Source: Cointelegraph/TradingView Zooming out, however, the implications of Bitcoin definitively leaving $100,000 behind are plain. “$1 or $100 is normally a sticking point for most assets due to humans. Do an exercise and look at other assets; they all do similar stuff,” Filbfilb continued, referring to the psychological significance of round-number price points. “Burn the round number after ages of resistance to liquidate shorts, come back to the 80s, then find expansion later. I believe this is no different.” BTC/USD found multimonth lows at around $75,000 in April. As Cointelegraph reported , the event was well supported by onchain reversal signals, with the Hash Ribbons indicators delivering a rare “buy” signal shortly beforehand. ”Honestly ridiculous” Bitcoin meanwhile continues to field bullish price prognoses from longtime traders and analysts, who agree that the current slowdown is a stepping stone on the way to a rematch with all-time highs near $110,000. Related: BTC bulls get ‘biggest signal’ — 5 things to know in Bitcoin this week Targets include $120,000 in the short term, with June in line for $150,000 or more . “As for Bitcoin… Honestly.. Ridiculous, the more you zoom out, the more insane it looks,” Filbfilb added on the outlook. “Short-term pullbacks below 100k are easily possible, however, I haven’t seen such a bullish-looking thing in a long time.” BTC/USD 3-day chart with indicator data. Source: Filbfilb/X This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Source: CoinTelegraph