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

Key points:

• Bitcoin has a fight for a $100,000 price 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,” an analyst says.

In his latest commentary on X, 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 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.

The tug-of-war comes as Bitcoin’s dominance of the overall crypto market cap 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 also last seen in early February.

Zooming out, 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.

Outlook “honestly ridiculous”

Bitcoin continues to field bullish price prognoses from longtime traders and analysts, who agree that the current slowdown is a stepping stone 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.”

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.