According to Filbfilb, co-founder of DecenTrader, Bitcoin has the potential to reach $35,000 by the end of 2023, despite experiencing some price dips along the way. He believes that the upcoming block subsidy halving in April 2024 will have a positive impact on BTC price performance, potentially pushing it as high as $46,000. However, Filbfilb also predicts that BTC price could dip to the low $20,000 range before rebounding. He emphasizes the importance of considering the current macroeconomic environment and the unique factors affecting this particular cycle. Filbfilb does not see a direct correlation between hash rate and price and expects a contraction of new supply in advance of the halving. He also believes that the recent Grayscale vs. SEC lawsuit outcome is significant and anticipates a U.S. Bitcoin spot ETF approval in the future. Filbfilb highlights U.S. inflation as a potential factor impacting Bitcoin post-halving next year, as high inflation and rates may reduce disposable income for retail investors. He uses directional price momentum and market positioning as key metrics for tracking BTC’s price. Filbfilb’s price target for the end of the year is around $35,000 and potentially as high as $46,000 before the 2024 halving. In terms of altcoins, he mentions XRP and Dogecoin as potential performers in the next cycle. The collapse of the NFT market does not surprise him, although he sees utility in certain forms of NFTs such as ticketing and music applications. It’s important to note that this article does not provide investment advice or recommendations.
Summary:
– Bitcoin has the potential to reach $35,000 by the end of 2023, with a possible high of $46,000 before the 2024 halving.
– BTC price could experience dips to the low $20,000 range before rebounding.
– The macroeconomic environment and unique factors of this cycle should be considered.
– There is no direct correlation between hash rate and price.
– The outcome of the Grayscale vs. SEC lawsuit is significant, and a U.S. Bitcoin spot ETF approval is anticipated.
– U.S. inflation may impact Bitcoin post-halving next year.
– Directional price momentum and market positioning are key metrics for tracking BTC’s price.
– XRP and Dogecoin are mentioned as potential performers in the next cycle.
– The collapse of the NFT market is not surprising, but certain forms of NFTs have utility.
