Bitcoin Bulls Push for $2 Trillion Market Cap as $100K Support Firms
Bitcoin (BTC) is fighting to cement $100,000 as new support, with analysts eyeing a return to its $2 trillion market cap. Independent analyst filbfilb describes the current structure as one of the most bullish setups he’s seen, despite minor dips remaining possible.
- As of now, BTC trades at $103,651, having consolidated after a month of sharp gains.
- The area just above $100,000 is acting as a choppy support zone, but broader metrics show significant upside potential.
According to filbfilb, this battle isn’t just about price—it’s also about reclaiming macro dominance in the crypto space.
$2 Trillion Market Cap Is Key Resistance
The $2 trillion valuation is proving to be a critical resistance level for Bitcoin, after losing it in early February.
- BTC/USD is now testing that threshold again, with data from TradingView showing repeated attempts to hold above it.
- As filbfilb notes, psychological price points like $100K or $2T tend to act as magnets for both liquidity and speculation.
He compares the setup to other asset classes, where round numbers serve as natural friction zones, often leading to stop-hunting and short liquidation before eventual expansion.
- The pattern, according to filbfilb, typically involves a breakout past resistance, a pullback to the 80s or mid-range, and then renewed upside momentum.
- In Bitcoin’s case, a similar move may occur as the market seeks confirmation above $100K before advancing.
Bitcoin Dominance Slips as Altcoins Eye Recovery
While Bitcoin’s structure remains bullish, its market dominance is starting to decline—a shift that could mark the beginning of an altcoin rotation.
- A key chart to watch is ETH/BTC, which needs to reclaim the 0.03 level to confirm a trend reversal in favor of altcoins.
- That level was last seen in February, and a move above it would suggest growing investor interest in Ethereum and other large-cap assets.
Filbfilb believes the ETH/BTC ratio will be a crucial signal for the timing and intensity of any altseason, particularly as Bitcoin consolidates gains.
Strong On-Chain Support Backed April’s Reversal
Bitcoin’s April lows around $75,000 were backed by strong on-chain reversal signals, including a rare Hash Ribbons “buy” signal, often associated with long-term accumulation.
- This indicator historically precedes major price increases, adding further weight to the bullish macro thesis.
- The reversal from those lows confirmed strong network health and miner confidence, both essential to sustaining rallies.
Such signals tend to precede long-term expansions, even if short-term volatility continues.
Bullish Outlook Into June Looks “Ridiculous”
Analyst sentiment around Bitcoin remains extremely positive, with price targets ranging from $120,000 to $150,000 by June.
- Filbfilb describes the long-term structure as “honestly ridiculous,” emphasizing how bullish the chart looks the more one zooms out.
- He does caution that pullbacks below $100,000 are possible, especially in the short term, but views them as normal retracements within a broader uptrend.
In his view, the current slowdown is merely a setup for higher highs, with strong probability of retesting $110,000 and beyond in the coming weeks.
In summary, Bitcoin is navigating a pivotal phase, where psychological resistance, market cap recovery, and on-chain strength all align to suggest the rally is far from over, even as consolidation plays out near key levels.
