$180,000 Bitcoin Price Explosion Comes in as BTC Halving Takes Over, Crypto Analyst Says
A popular crypto analyst has just unveiled his long-term target for Bitcoin’s current cycle – and it’s big.
The pseudonymous trader, whose alter ego is Filbfilb, tells his 85,000 Twitter followers that his target for the top cryptocurrency is now $180,000.
The analyst points to Bitcoin’s halving, which is now about a year away, as the main catalyst.
The halving, which occurs every four years, will reduce the amount of new BTC entering the market from 6.25 Bitcoins per block to 3.125 Bitcoins per block.
Supply tightening has historically coincided with big moves in Bitcoin’s price, and the trader believes this time will be no different.
“Bitcoin halving is expected in March 2024. If history is anything to go by, you have 18 months absolutely max to get your act together before we start doing all kinds of crazy things above the all-time high again.”
Filbfilb says traders only need one chart, detailing what has happened immediately after each BTC halving, to understand the potential.
“If we were to look at just one chart, the Bitcoin bull market comparison is it.
So everyone is on the same page, the Bank of Bitcoin has no members, no buildings and no bankers manipulating interest rates and trying to balance inflation with full employment. It runs on code; it always has and always will…
Now for the economics lesson that everyone can. Price is a function of supply and demand. This is why we see a price rise in the period after each halving (on the left in the chart).”
The trader also points to fundamental advances in the area that he believes will act as support for the next big bull run.
These developments include the institutionalization of BTC at financial titans such as Fidelity and BlackRock, the potential for positive regulatory clarity on crypto in the EU and UK, and the introduction of BTC as legal tender in El Salvador and the Central African Republic.
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Featured image: Shutterstock/Tithi Luadthong
