Bitcoin (BTC) is steadily progressing towards the $50,000 mark in anticipation of next year's block subsidy halving event, according to Filbfilb, a seasoned analyst. In his recent interview with Cointelegraph, the co-founder of DecenTrader's trading suite shared his current insights regarding BTC price dynamics.

Filbfilb acknowledges that Bitcoin has successfully broken free from the sub-$30,000 trading range that characterized much of 2023. Overcoming numerous resistance levels, Bitcoin bulls are now pondering how price action will unfold leading up to the halving event.

Scheduled for April 2024, the halving is just around the corner, with less than five months remaining. Filbfilb suggests that a "reasonable" bullish target could be positioned slightly below the $50,000 threshold. This aligns with his earlier assessment in early September, when BTC/USD traded at just under $26,000.

However, Filbfilb also cautions that a temporary price decline might precede any significant upward movement, which could test the patience of those accustomed to Bitcoin's price surges.

For a more in-depth analysis of what the coming months may hold for Bitcoin from a technical price perspective, read on.

Cointelegraph (CT): Do you believe that BTC has definitively broken free from its previous range below $30,000? How would you evaluate the strength of the various moving averages (MAs) that previously served as resistance?

Filbfilb (FF): Currently, the 20, 50, 100, and 200-week simple moving averages all hover around the $30,000 mark. These MAs also align with the upper boundaries of the trading range, which spanned between $30,000 and $25,000 and persisted for about 200 days.

The convergence of these MAs suggests a notable interest in buying below this level and collectively indicates a strong signal of a breakout and a shift in trend from the two-year bear market.

CT: What is your timeline for the approval of a Bitcoin ETF, and how do you anticipate this event might impact the price?

FF: My view on the ETF remains unchanged, with the expectation that it will continue to be delayed as long as possible. Nevertheless, the inevitability of a spot ETF looms. Major players in the market are not idling, so it's only a matter of time.

Considering their stance on market manipulation, I wouldn't be surprised if the approval comes unexpectedly.

CT: Where would you currently place the point of control on the BTC price chart? Which resistance and support (R/S) levels are you monitoring?

FF: The placement of the point of control depends on the timeframe being considered. Over the past couple of years, $26,000 appears to be a pivotal point of control, while over the last six months, it suggests a level closer to $27,000.

Resistance levels are prominent around the $38,000-$41,000 range, where substantial trading volume occurred before witnessing various disruptions among cryptocurrency entities. Some investors may opt to exit, while others may contemplate reallocating their capital within this changing landscape. This area is a clear point of contention.