Bitcoin price increases to $180,000 as halving event is coming soon

• Bitcoin (BTC) has been predicted to reach $180,000 by a top market analyst.
• This prediction is supported by unique fundamentals, including halving and institutional adoption.

Bitcoin (BTC) has received another positive price estimate as several indices show that an upward trend is imminent in the long term. According to a new prediction made by a popular crypto trader with the Twitter username FilbFilb, the premier digital currency has what it takes to reach a new target of $180,000.

$180k; that’s the goal.

— filbfilb (@filbfilb) 19 February 2023

While FilbFilb told his more than 85,800 followers that the estimate is meant for the short term, his reasoning, according to a Bloomberg report, hinges on the upcoming Bitcoin halving scheduled for May of next year. Hsaid e.

Bitcoin halving is expected in March 2024. If history is anything to go by, then you have 18 months absolute max to get your act together before we start doing all sorts of crazy things above all time highs again,

The Bitcoin Network Halving event is sure to be a major catalyst for the digital currency which reached an all-time high (ATH) above $68,000 back in November 2021. That rally at the time came about 18 months after the third Halving event on the network which was in May 2020.

The halving event happens automatically on the chain and it halves the reward for producing a block in the network. The current reward per block is fixed at 6.25 at this time and in the next halving this will be reduced to 3.125. The logic is to reduce the supply by which new Bitcoin will be created to add such scarcity that will help drive the price of the coin upwards.

FilbFilb showed charts of previous halving events that were followed by a massive increase in buying momentum due to rising demand.

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 trying to balance inflation with full employment. It runs on code; it always has and it always will,” the analyst said, “now to the economics lesson that everyone knows. Price is a function of supply and demand. This is why we see an increase in price in the period after each halving (on the left in the chart).

Fundamental Capabilities of Bitcoin (BTC) Price

According to the analyst, Bitcoin (BTC) also shows a number of fundamental potentials capable of pushing its price upwards beyond just its technical and network capabilities. Among the events earmarked include the bullish integration of Bitcoin by the world’s largest investment management firms, BlackRock and Fidelity Investments.

According to an earlier report by Crypto-News Flash BlackRock added Bitcoin to its $15 trillion Global Allocation Fund, an extremely bullish move for the premier cryptocurrency. Besides, so is Goldman Sachs Looking to get involved with Bitcoin through defined product offers through BlackRock.

The synergy among the top institutional investors in the mainstream financial ecosystem in terms of Bitcoin adoption is poised to help drive the targeted growth of the cryptocurrency in the medium to long term.

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