At long last, after weeks upon weeks of increasing prices, Bitcoin saw a strong correction on Saturday. Per previous reports from NewsBTC, Saturday morning saw the price of the leading cryptocurrency tank from $10,400 to a low of $9,700 (on some exchanges), a drop of nearly 7% in a few hours’ time.
Despite this brutal crash, which liquidated dozens of millions of dollars worth of Bitcoin positions on BitMEX and a swath of other leverage-enabled exchanges, a top analyst is optimistic about the prospects for the crypto market.
In fact, the analyst said that if the bottom comes in at $9,500 to $9,700, there’s a high likelihood the price of BTC could rocket over a dozen percent higher to $11,500 in the coming weeks.
Filb Filb’s Crazy Accurate Track Record
After Bitcoin plunged by hundreds of dollars in a few hours’ time this morning, investors were running scared, making sweeping assertions like the “bull trend is over.”
In spite of the growing fear of a greater market correction, a leading analyst has remained cheery.
The analyst, Filb Filb, a pseudonymous trader who in September posted the below chart, drawing a forecast of the price trend Bitcoin could see heading into Q2 of 2020.
While some laughed this off as pure bearish sentiment, the forecast was proven to be nearly 100% accurate when Bitcoin surged towards $10,000 in a temporary relief rally on the back of positive China news, then crashing to the mid-$6,000s by the end of the year.
Not to mention, the cryptocurrency started rocketing higher heading into 2020, just as Filb Filb’s prediction indicated.
Adding to his accolades, Filb Filb called Bitcoin’s $3,150 bottom in December 2018 literal months in advance.
Related Reading: What Pushed Bitcoin Up 65% in 2 Months? Top Fund Manager Explains
Bitcoin Likely Still in Uptrend, Eerily Accurate Analyst Says
Now, the analyst is back, recently commenting on the drawdown that shook traders on Saturday morning.
In a comment published to his Telegram channel, Filb Filb wrote there is a “reasonable case” to be made that the recent drop is actually the “[third real] correction in this uptrend,” noting that the prior two drops were of similar magnitude in the grand scheme of things.
Attached to this optimistic message was the below chart, which indicated that should history repeat itself or at least, the price of Bitcoin could rally to $11,500 by the start of March, which would mark a 17% rally from current price points.
Filb Filb previously targeted the $11,500 price point because Bitcoin made a weekly candle close above $9,500, which has historically been an inflection point for this nascent market.
Featured Image from Shutterstock origin »
At long last, Bitcoin has finally broken past $10,000. On Saturday night, the cryptocurrency surged into the five-digit region for the first time in months, having trended higher for all of the past week.
Ethereum developers have agreed to an emergency hard-fork just weeks after the Istanbul Gas Upgrade goes live next Saturday. In a public discussion of ethereum developers and other non-dev participants,.
Most analysts are skeptical of the NFL’s proposed workout for Colin Kaepernick on Saturday. But Stephen A. Smith seems to be convinced that it is going to lead to a job within the next two weeks for Kaepernick.
Japan celebrated the enthronement of its new emperor, Naruhito, with a festival in Tokyo on Saturday. It is not yet known whether the new emperor owns any bitcoin. Bitcoin Price: Consolidation And Retracement A week of consolidation for BTC price this week, whilst people were still arguing over what caused the ‘Xi’ pump of two weeks ago.
The daily volume on Binance Futures has exploded in the past few days. On Saturday, it hit close to $2. 5B, and this may soon prove to be the new normal. Two weeks ago, BeInCrypto reported that Binance Futures was posting around $700M in daily volume.
Youch. On Saturday, Bitcoin (BTC) was subject to the umpteenth flash crash in the past few weeks. Within a few minutes’ time, the cryptocurrency had shed $500 — around 4. 5% — to lose the key support of $11,800.
Just one weekend after it passed $3,600, $3,700, and $3,800 in rapid succession, Bitcoin (BTC) surged again. For the first time in a number of weeks, BTC surpassed $4,000 on Saturday, in a move that seemingly came straight out of left field.
Bitcoin Rallies Past $4,000 As Altcoins Run That’s right, the day has finally arrived. After trading under $4,000 for weeks on end, Bitcoin (BTC) found itself back over that price level on Saturday.
On Saturday 19, the market lit up in green seeing the recent price stalemate broken off. A majority of coins begun surging with the crypto leader breaking past the $3,700 resistance level. This crucial break meant altcoins breaking through short-term resistance position.
Based on this weekend’s cryptocurrency momentum, the coming days and weeks may prove to get quite interesting after all. Despite some medium-sized setbacks on late Friday and throughout most of Saturday, it seems the situation is improving gradually.
On Saturday September 29, cryptocurrency prices are meandering along after an interesting two weeks of ups and downs. Since last week’s crypto market dips, digital asset markets have been seemingly less volatile and many cryptocurrencies are following a tight wedge formation indicating a possible accumulation phase.
Nearly eight months to the day after the ponzi scheme BitConnect exit scammed, the sins of the project have caught up to one of its figureheads. Divyesh Darji, the alleged leader of BitConnect’s Asian team, was arrested this Saturday, August 18, 2018, in the Delhi airport by the Gujarat Criminal Investigation Department (CID).
On Feb. 17, 2025, Bitwise Invest CEO Hunter Horsley took to X to state we underestimate Bitcoin. He listed reasons why Bitcoin is close to wide adoption and a $1,000,000 value. He challenged everyone to offer counterarguments, creating a neat…
Will this legacy cryptocurrency become bullish once again? Let’s find out in this Bitcoin Cash price prediction. Bitcoin Cash is a cryptocurrency associated with Bitcoin, yet it hasn’t performed like the leader of all cryptocurrencies. Its price action has lagged…
Virtuals Protocol allows users to create AI-driven characters (AI agents) for virtual interactions in the blockchain space. With the AI revolution happening right now, especially following the explosive rise of ChatGPT, the project seems to have incredible potential. In early…
Can the Hyperliquid token continue to show strength? Check out our Hyperliquid price prediction below. Hyperliquid (HYPE), is one of the largest players in the decentralized perpetual futures trading industry.
Over the past week, the DeXe Protocol cryptocurrency — DEXE token — has shown growth despite the overall market downturn. Its price increased from around $14 on January 29 to approximately $24 by February 3. As of the time of…
Prediction markets are booming, but the CFTC is paying attention. With Crypto. com and Kalshi under review, could stricter oversight be coming for event-based trading? The Commodity Futures Trading Commission is closely scrutinizing Crypto.
Ki Young Ju, CEO of CryptoQuant, projected that the meme coin market will reach a point of maturation by 2030. In a recent post on X, Ki Young Ju, CEO of CryptoQuant, said that the meme coin hype will fade,…