Bitcoin Analyst Predicts BTC Price of $35,000 by 2023, Cites Potential High of $46,000 Pre-Halving
Summary:
Bitcoin analyst Filbfilb predicts BTC could reach $35,000 by the end of 2023, with a possible high of $46,000 before the April 2024 block subsidy halving. Despite obstacles in the current uptrend, such as the Bitcoin ETF debacle, Filbfilb believes in Bitcoin's long-term potential. He anticipates a price dip to the low $20,000 range and sees XRP and Dogecoin as potentially performing well in upcoming cycles. The article also mentions the impact of U.S. inflation on Bitcoin and the collapse of the NFT market. This article does not provide investment advice.
Bitcoin (BTC) has a chance to reach $35,000 by the end of 2023, according to veteran analyst Filbfilb. Despite expecting some downward movement in between, Filbfilb believes that the long-term holders should take note of these price targets. There are several obstacles that Bitcoin faces in its current uptrend, including the Bitcoin spot price exchange-traded fund (ETF) issue and the changes in the macroeconomic environment. However, Filbfilb predicts that the block subsidy halving in April 2024 will have a positive impact on BTC price performance, potentially pushing it to as high as $46,000. Nevertheless, Filbfilb anticipates some losses before that happens. When it comes to short-term price movement, Filbfilb suggests that BTC may experience a dip to the low $20,000 range. Looking at the long-term floor, he expects it to be around $16,000 but believes that it is more likely to settle somewhere in the low $20,000s. As for the price behavior in Q4, Filbfilb anticipates a reversal as miners and smart investors "buy the rumor" on the halving. While the hash rate continues to reach new highs, Filbfilb does not see a direct correlation between hash rate and price. This year's BTC price action has differed from previous halving years in terms of breaking the 100-week moving average, which historically confirmed the start of a bull market. Regarding the outcome of the Grayscale vs. SEC lawsuit, Filbfilb believes that a U.S. Bitcoin spot ETF approval is a matter of "when" rather than "if." He considers U.S. inflation as a significant factor that may impact Bitcoin post-halving next year, as high inflation and interest rates may reduce retail investors' disposable income and make riskier assets less attractive. To track BTC price, Filbfilb focuses on directional price momentum and market positioning indicators. His price target for the end of the year is around $35,000, and possibly as high as $46,000 before the 2024 halving. As for altcoins, Filbfilb anticipates XRP and Dogecoin (DOGE) to perform well in the future cycles, with XRP benefiting from its legal case with the SEC and DOGE potentially gaining traction if Elon Musk integrates crypto into his ventures. Despite the collapse of the NFT market, Filbfilb believes that some forms of NFTs, such as ticketing and music applications, still hold utility. However, he questions the overpricing of certain "artworks." It is important to note that this article does not provide investment advice and readers should conduct their own research before making investment decisions.
Published At
9/7/2023 11:50:47 AM
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