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Over the last day, Filecoin (FIL) has seemingly emerged from the shadows to stage a price recovery of over 10%. This notable move has brought more attention to the altcoin, which had previously failed to follow the general crypto market recovery. On the back of this, one crypto analyst predicts big things for the altcoin, expecting a 1,000% increase in its price.
Filecoin Will See A 10X Rise To $70
In the analysis that was shared on X (formerly Twitter), crypto analyst “Tony The Bull” told his almost 20,000 followers that the Filecoin (FIL) price was gearing up for a massive recovery. The chart shared in the analysis tracks the movement of the coin over the last year, which saw it go from a low below $3 to over $.7, an almost 200% increase. Nevertheless, the crypto analyst believes there is more to come.
The prediction for the Filecoin price from the crypto analyst is that it will rally as high as $70. Now, given FIL’s current trading value, this would mean a 1,000% increase or a 10X increase from here. The analyst seems to believe that the altcoin is entering into a price discovery phase, saying, “I’m gonna find out.”
$FIL to minimum $70 for a 10x
Back to ATH is +20x
Price discovery = ?
I’m gonna find out pic.twitter.com/w2O5fgAzDi
— Tony “The Bull” (@tonythebullBTC) February 19, 2024
Tony is not the crypto analyst that forecasts a bullish future for the Filecoin price as analyst Ali Martinez also expects the altcoin to do well. Martinez revealed that FIL is currently trading in a “parallel channel on its 3-day chart” which is usually bullish for price.
However, for the move to be confirmed, the crypto analyst explains that the altcoin must break the “resistance posed by the channel’s upper boundary, set at $8.50.” If this happens, then Martinez expects the price to rise as high as $25.5.
#Filecoin is trading within a parallel channel on its 3-day chart. Watch out for the resistance posed by the channel’s upper boundary, set at $8.50.
A successful break through this barrier could significantly bolster $FIL‘s price, potentially tripling its value to reach $25.5! pic.twitter.com/Tgg0rZfRrs
— Ali (@ali_charts) February 19, 2024
Can FIL Reach A New All-Time High?
In addition to his analysis, Tony The Bull also posits that Filecoin is only 20X away from its all-time high price of around $230, so it is possible that the altcoin could see a run-up to this level. However, this was not well-received by community members, who countered that it would be impossible for FIL to reach a new ATH due to its inflation over the last year.
FIL’s circulating supply has risen drastically over the years, putting it way higher than what it was when it hit its all-time high back in 2021. Due to this, expectations that the altcoin could get back to this level are very low. “With its MASSIVE inflation over the last bear market, FIL will not be making a new ATH,” one user said in response to the crypto analyst.
Nevertheless, FIL continues to show strength in the daily chart. Its price is up 16% in the last 24 hours and 40% in the last seven days, according to data from Coinmarketcap. It is trading at $7.68 at the time of this writing.
Featured image from Coincodex, chart from Tradingview.com
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