Bitcoin (BTC) has the potential to reach $35,000 by the end of 2023, according to veteran analyst Filbfilb. In an interview with Cointelegraph, Filbfilb, the co-founder of trading suite DecenTrader, shared his BTC price targets that should resonate with long-term holders.
Despite facing various obstacles in its current uptrend, including the Bitcoin spot price exchange-traded fund (ETF) controversy and the changing macroeconomic environment, Filbfilb believes that the upcoming block subsidy halving in April 2024 will have a positive effect on BTC price performance. He predicts that BTC/USD could even trade as high as $46,000 by that time, although he expects losses to occur before then.
When asked about the long-term floor for BTC, Filbfilb stated that it would likely be in the low $20,000 range, barring any unexpected events. He also expects a reversal in price behavior in Q4 as miners and smart money “buy the rumor” on the halving.
Regarding the correlation between BTC price and hash rate, Filbfilb explained that he has not found a direct link between the two. He noted that there has been a failure to break the 100-week moving average, which is different from previous pre-halving years. However, the timing of the uptick from the 2022 lows is consistent with previous cycles.
Filbfilb expressed his opinion on the recent Grayscale vs. SEC lawsuit, stating that he believes it is a matter of “when” a U.S. Bitcoin spot ETF will be approved, rather than “if.” He also highlighted the impact of U.S. inflation on Bitcoin post-halving, explaining that high inflation and interest rates reduce disposable income and make riskier assets like Bitcoin less attractive.
When asked about preferred metrics for tracking BTC’s price, Filbfilb mentioned directional price momentum and market positioning as key factors. As for his BTC price targets, he expects it to reach around $35,000 by the end of the year and possibly as high as $46,000 before the 2024 halving.
Regarding altcoins, Filbfilb is focused on Bitcoin for now, but he believes that XRP and Dogecoin could perform well in the next cycle. He expects XRP to benefit from its legal case with the SEC and catch up in market share, while Dogecoin could see another surge, especially if Elon Musk integrates crypto into his ventures.
In conclusion, Filbfilb believes that despite the challenges Bitcoin is currently facing, it has the potential to reach significant price levels in the coming years. However, he emphasizes the importance of conducting thorough research and acknowledges the inherent risks involved in investing and trading.