Bitcoin Price Could Hit $46K Before Halving
BITmarkets Team
Sep 08, 2023
According to renowned analyst Filbfilb, Bitcoin (BTC) could end 2023 at around $35,000 despite trending lower in the interim.
The co-founder of trading package DecenTrader offers certain BTC price targets in his latest interview with Cointelegraph, which should appeal with long-term holders.
Bitcoin is facing a number of challenges in its current rise, and the current cycle differs significantly from previous ones. It's not only the Bitcoin spot price exchange-traded fund (ETF) catastrophe; the entire macroeconomic situation appears to be much different from just a few years ago.
Filbfilb expects that the halving of block subsidies in April 2024 will have a cathartic effect on BTC price performance. BTC/USD may possibly trade as high as $46,000 by then, although losses are "likely" to follow.
When asked by Cointelegraph about a potential reversal in price behavior in the year’s fourth quarter as miners and crypto market participants “buy the rumor” on the upcoming halving, Filbfilb had this to say:
“Based on the previous cycles, we have seen a contraction of new emitted supply to market in advance of the halving. Coupled by increased speculative demand, this dynamic is likely to repeat in my opinion.”
Sources:
https://cointelegraph.com/news/bitcoin-price-46k-2024-halving-interview-filbfilb
