Filbfilb predicts flat BTC price action for the rest of the year
Bitcoin is expected to stay rangebound until at least Q4 2023, according to longtime market participant Filbfilb. The popular analyst and co-founder of trading suite Decentrader explained that Bitcoin has historically consolidated during this period, which is around 1,200 days since the previous halving. Filbfilb uploaded comparative charts and predicted that miners would start bidding the price higher around 1,276 days after each prior halving.
Miners and smart money could drive BTC price higher
In his analysis, Filbfilb noted that miners are incentivized to ensure prices are well above marginal cost before the halving. He also mentioned that smart money interested in "buying the rumor" around the halving's potential positive impact on BTC price has buoyed the market in previous years. Based on these factors, Filbfilb forecasted that early November could be a deadline for such behavior to show itself, with a potential supply constrict and new money driven by speculation in Q4.
Macroeconomic policy and the Federal Reserve
While Bitcoin's price trajectory may be influenced by various factors, one key element of interest is United States macroeconomic policy. The upcoming September meeting of the Federal Reserve's Federal Open Market Committee (FOMC), which will decide benchmark interest rates, is particularly important for risk asset bulls. Filbfilb referred to this as the "elephant in the room" and suggested that Bitcoin's price could convincingly break $30,000 before the end of 2023 if the macro aspect remains steady.
Other analysts also counting the days between halvings
Other market analysts have also been examining the days between halvings and making BTC price predictions as a result. Pantera Capital, an asset management firm, recently set a target of $35,000 for the next halving and $148,000 for after the 2024 event. However, another prediction stated that $100,000 would not be reached before the next halving. It is clear that there are different opinions in the market regarding Bitcoin's future price movements.
This article does not provide investment advice or recommendations. Readers should conduct their own research and exercise caution when making investment decisions.
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