dailyhodl.com
A popular crypto analyst just unveiled his long-term target for Bitcoin’s current cycle – and it’s a big one.
The pseudonymous trader, whose alter ego is Filbfilb, tells his 85,000 Twitter followers that his target for the top cryptocurrency is now $180,000.
The analyst points to Bitcoin’s halving, which is now about a year away, as the key catalyst.
The halving, which happens 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 tightening of supply has historically coincided with major moves in Bitcoin’s price, and the trader believes this time will be no different.
“Bitcoin halving is due for March 2024. If history is anything to go off then you have 18 months absolute max to get your shit together before we start doing all sorts of crazy stuff above the all-time high again.”
$180k; that’s the target.
— filbfilb (@filbfilb) February 19, 2023
Filbfilb says traders should only need one chart, detailing what has happened immediately after each BTC halving, to understand its potential.
“If we were to only look at one chart then the Bitcoin bull market comparison is it.
So everyone is on the same page, the bank of Bitcoin has no members, no buildings and no bankers manipulating rates trying to balance inflation with full employment. It runs on code; it always has and it always will…
Now for the economics lesson that everyone knows. Price is a function of supply and demand. This is why we see a rally in price in the period after each halving (the left of the chart).”
The trader also points to fundamental advancements in the space that he believes will act as support for the next big bull run.
Those 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.