Today pop market analyst and Cointelegraph correspondent filbfilb joined veteran trader Tone Vays on his YouTube trading channel. During the discussion, each trader discussed their long and short-term vision of Bitcoin's price (BTC) activity, along with the various trading indicators and styles they use.

Co-ordinate to Vays, Bitcoin's cost action on the weekly time frame remains strongly bullish as Bitcoin bankrupt through multiple levels of resistance and is still on half-dozen on the TD Sequential indicator, which is favored by Vays.

BTC USD weekly chart

BTC USD weekly chart. Source: TradingView

Vays also pointed out that Bitcoin pulled to a higher place a disquisitional descending trendline at the 0.32% Fibonacci retracement level at $ix,770.55. However, the veteran trader cautioned investors as the daily fourth dimension frame is less bullish in his opinion.

According to Vays, the recent notch of a nine on the TD Sequential indicator and the slowing momentum in Bitcoin'southward price hint that a 1 to four candle correction could occur before Bitcoin moves higher before information technology halving upshot.

Vays believes that at the moment Bitcoin is in a no-trade zone on the daily timeframe equally it is brusque-term bearish. From Vays' signal of view, opening a long position on a breakout above $x,400, $10,450 would be a safer trade.

Alternatively, if the toll pulled back to $ten,000, then acquisitions for long positions in the $9,500 range would exist ideal.

Filbfilb talks Bitcoin, mining and cost action

According to filbfilb, Bitcoin recently exited its reaccumulation phase when it blew through the $9K resistance. filbfilb expects that Bitcoin will eventually fire through the $9,500 to $11,000 zone but the digital asset is expected to meet some pushback at the long term overhead descending resistance and the point-of-command from the 2022-2019 carry market place.

The market analyst also points out that on the wider timeframe (weekly) Bitcoin has reclaimed the l% Fibonacci retracement level merely he also anticipates that the 61.8% level will serve every bit pregnant resistance as Bitcoin hasn't closed to a higher place $11.5K since January 2022.

BTC USD daily chart

BTC USD daily chart. Source: TradingView

Filbfilb is overwhelmingly bullish on Bitcoin'southward long term prospects and points out that the digital nugget is trending above every major level of the book-weighted moving averages on multiple fourth dimension frames.

Filbfilb believes that if Bitcoin can overcome the $11,500 mark, it could run all the fashion to the 78.half-dozen% Fibonacci retracement level at $xv,500 before encountering resistance and pulling back towards $xi,000 over again.

Over the short-term, filbfilb believes it wouldn't be unreasonable for Bitcoin price to bounce off the $nine,500 area but if this were to occur it would non invalidate his bullish point of view.

When asked if failure to notch $eleven,000 before the halving, filbfilb said:

"I can definitely encounter us having a go at $11,000, but it may just take a little bit longer for us to get through than I expected."

Increasing involvement in Bitcoin futures is the tell

To back up his long term bullish point of view, filbfilb explained that the CME Bitcoin Futures have been the ultimate tell on where the market is headed. He points to the strong and steady increment in futures trading volume and the on-balance volume (OBV) indicator standing to press into higher highs.

Bitcoin CME Futures weekly chart

Bitcoin CME Futures weekly chart. Source: TradingView

This shows that larger holders and perhaps institutional investors are securely involved with Bitcoin. A steady increase in open interest (OI) and the futures premium on Bitcoin contracts as well show that larger easily are feeling bullish well-nigh Bitcoin's future prospects.

CME Bitcoin Futures Total Open Interest & Volumes chart

CME Bitcoin Futures Full Open Interest & Volumes chart. Source: TradingView

When asked about this pre-halving cost target expectation filbfilb said placing a new high higher than 2022 at $15 to $16K would be great. Vays and so interjected that the current balderdash market is likely to last for iii years when the pre-halving and mail-halving timeframes are factored in.

With that said, Vays asked filbfilb to requite his "ultimate" Bitcoin all-time high price for the side by side 2 years. Filbfilb responded with:

"I call back we're going to struggle to go past $60K. I remember that $60K will exist a actually really troublesome level to become across. I'll certainly be looking to book some serious profits at that betoken. Trying to go above $50K to $60K at this point would be a little bit foolish."

Towards the end of the interview, Vays took questions from the live audience and one viewer asked whether at present is a good time to buy Bitcoin or should one wait until the next sharp correction. Filbfilb responded in-depth and added this every bit the accept abroad to the give-and-take:

"The open up interest across the whole of the market is going up and this is a good thing. Overall the marketplace looks good and good for you for me. I don't call up at that place's whatever point in trying to wait around for some sort of pre-halving pump because in my view we're already halfway through information technology."