Bitcoin Expected to Remain Rangebound Until Q4 2023, Analysts Predict Potential Breakout Ahead
Summary:
Bitcoin (BTC) is expected to remain rangebound until Q4 2023, with little deviation from previous halving cycles, according to market analyst Filbfilb. Macro factors, such as the Federal Reserve's interest rate decision, could impact BTC price. However, if stability is maintained, Bitcoin could convincingly break $30,000 before the end of 2023. Other analysts also provide their projections for Bitcoin's future price. It's important to conduct personal research and exercise caution when investing.
Bitcoin (BTC) is expected to remain rangebound until at least Q4, 2023, as stated by longtime market participant Filbfilb. The popular analyst and co-founder of trading suite Decentrader predicts that BTC price action will be flat for the rest of the year. Filbfilb emphasizes that the current halving cycle is following a similar pattern to previous ones, with Bitcoin historically consolidating during this period. Based on comparative charts, he suggests that miners will start bidding up the price leading up to the halving. Filbfilb also notes that smart money has previously fueled market growth by speculating on the halving's positive impact on BTC price. The potential deadline for this behavior to manifest is estimated to be early November. However, macroeconomic factors, particularly the Federal Reserve's decision on interest rates in September, could introduce unforeseen challenges for Bitcoin. Filbfilb believes these macro aspects are the "elephant in the room." If stable, he expects Bitcoin to convincingly break $30,000 before the end of 2023. In a more bearish scenario, if Bitcoin were to return to $20,000, the current 2023 local high of $31,800 may remain a strong resistance level. Other analysts also provide their own projections for Bitcoin's price, with Pantera Capital targeting $35,000 for the next halving and $148,000 after the 2024 event. It's important to note that this article does not provide investment advice or recommendations, and readers should conduct their own research before making any financial decisions.
Published At
8/25/2023 1:31:38 PM
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