Cryptocurrency has been on the rise for the past few years, and a popular crypto analyst recently unveiled his long-term target for Bitcoin’s current cycle – a whopping $180,000. The pseudonymous trader, whose alter ego is Filbfilb, believes the key catalyst driving this growth is Bitcoin’s halving, which is now about a year away.
The halving is a process that happens every four years, and it reduces the amount of new BTC entering the market from 6.25 Bitcoin per block to 3.125 Bitcoin per block. This tightening of supply has historically coincided with major moves in Bitcoin’s price, and the trader believes this time will be no different. To back up his prediction, Filbfilb points to one chart that shows the price rally that typically follows each halving.
In addition to the halving, Filbfilb also points to fundamental advancements in the space that he believes will act as support for the next big bull run. These developments include the institutionalization of BTC at financial titans like Fidelity and BlackRock, the potential for positive regulatory clarity on crypto in the EU and the UK, and the adoption of BTC as legal tender in El Salvador and the Central African Republic.
The institutionalization of Bitcoin is a major factor in its growth. Fidelity, BlackRock, and other financial giants are helping to legitimize the cryptocurrency, and that has helped to attract more investors. The potential for positive regulatory clarity on crypto in the EU and the UK is also helping to drive growth, as it would provide more legal protection for investors. And the adoption of BTC as legal tender in El Salvador and the Central African Republic is helping to further legitimize the cryptocurrency.
These developments, combined with the halving, have created a perfect storm for the price of Bitcoin to explode. The trader believes that traders have only 18 months before the price of Bitcoin starts doing “all sorts of crazy stuff” above the all-time high.
It’s clear that the halving, combined with the institutionalization of Bitcoin, the potential for positive regulatory clarity, and the adoption of BTC as legal tender, are all helping to drive the price of Bitcoin higher. If these trends continue, it’s likely that the price of Bitcoin could reach the $180,000 target that the trader has set.
Whether or not Bitcoin reaches this target, it’s clear that the cryptocurrency is here to stay. With more institutional investors entering the market, and more countries adopting Bitcoin as legal tender, it’s likely that the price of Bitcoin will continue to grow in the coming years. It’s also likely that the halving will continue to be a major driver of the price of Bitcoin, and that traders should keep an eye on the upcoming halving in March 2024.
The cryptocurrency market is a volatile and unpredictable one, and no one can predict the future price of Bitcoin with certainty. However, the trends that are currently driving the price of Bitcoin higher are likely to continue, and it’s possible that the price could reach the $180,000 target that the trader has set. Regardless of the price, it’s clear that the cryptocurrency market is here to stay, and that Bitcoin is likely to remain a major player in the space.