A prominent crypto analyst has just revealed his long-term goal for Bitcoin’s current cycle — and it’s a big one.
The trader, nicknamed Filbfilb, told his 85,000 Twitter followers that his target for BTC is currently $180,000.
The analyst points to the Bitcoin halving, 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 Bitcoin per block to 3.125 Bitcoin per block.
The supply squeeze has historically coincided with massive fluctuations in the price of Bitcoin and the trader believes it will this time around.
“Bitcoin halving scheduled for March 2024. You have up to 18 months to accumulate before we start doing all the crazy stuff above all-time highs again.”
$180k; that’s the target.
— filbfilb (@filbfilb) February 19, 2023
Filbfilb said that traders only need one chart, detailing what happened immediately after each BTC halving, to understand its potential.
“Now the economic lesson everyone knows. Price is a function of supply and demand. This is why we see price increases in the period after each halving.”
The trader also points to developments that he believes will act as support for the next major bull run.
Bitcoin is predicted to rise to 56,000 USD
Those developments include the institutionalization of BTC at financial giants such as Fidelity and BlackRock, the potential to create positive regulatory clarity for crypto in the EU and UK, and the accept BTC as legal currency in El Salvador and Central African Republic.
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