- Altcoin FIL continues to hold a key breakout.
- Analysts expect a major reversal and run move.
- The price of FIL could surge from $0.7 to $11.
As the prices of crypto assets climb steadily, analysts confirm that the bear market has officially come to an end. As for when the bull market will begin, analysts say we are currently in the early bull market phase and that the price of BTC going past $83,000 could confirm the full start of the bull market. Already, altcoin prices are showing bullish signals. To highlight, altcoin FIL continues to hold a key breakout.
Altcoin FIL Continues to Hold a Key Breakout
Over the last few weeks, the price of BTC and ETH has steadily climbed up, improving bullish sentiment across the crypto community. In detail, the price of BTC went from the $60,000 price range to that of $80,000. Despite this surge, the fact that BTC broke past several resistance levels was impressive, but it failed to break past the final two barriers that would confirm the start of the bull market.
Thus, analysts are patiently waiting for BTC to surge above $83,000, this move would confirm the start of the bull market. Likewise, the price of ETH also went from prices below $2,000 to as high as $2,500. Now, BTC and ETH are trading in the $77,000 and $2,400 price range respectively. Both assets seem to be entering a short sideways phase before the final breakout marking the start of the bull market.
Analysts Expect a Major Reversal and Run
At the moment, analysts are eagerly watching the price charts of BTC and ETH. While some believe this to be a bull trap and expect a major fall to the $50,000 or $40,000 price range for BTC to mark the real bear market bottom, others are certain the bear market is over. This latter view point is supported by analysts who see several altcoin price charts printing bullish pennants of their own.
So far, many altcoins from ETH, XRP, XLM, NEAR, FET, LINK, to more, have all been printing multiple bullish signals. In fact, the total altcoin price chart alone has printed a multi-year bull pattern, marking heavy price surges for altcoins to be a highly likely move over the coming months ahead. Among the many bullish altcoins in the space today, one analyst draws attention to Filecoin (FIL).
As we can see from the post above, the price of FIL continues to hold a key breakout. Thus, he concludes that sights remain on a major reversal and run, especially with the overall markets showing broader signs of strength. This breakout is suggesting that a price pump move of over 1,200% could take the price of FIL back above $2.94, $7.50, and $11.40. This is a bold prediction, considering the price of FIL currently sits at $0.7.
