The Bitcoin crystal ball is coming into focus again with forecasts suggesting a stabilization period for BTC until Q4, 2023, as revealed by noted analyst and Decentrader co-founder, Filbfilb. As we approach 1,200 days since the last halving, there are assumptions that the currency is about to enter the “critical time” zone, a period of consolidation commonly witnessed in previous cycles.
Filbfilb points out that miners and investors, known as the ‘smart money’, tend to drive prices a little higher during this phase of the halving process. Coming together in an apparent system-smart approach guarantees market prices soaring above marginal costs just before the halving, and it offers potential attractive conjectures for those keen on “buying the rumor”.
However, the coming year could be an uneven road – the looming macro factor of U.S. economic policy is another significant element to keep an eye on. The upcoming Federal Reserve meeting in September, which will focus on the decison on benchmark interest rates, has the potential to sway the BTC pendulum. If the macroeconomic landscape remains stable, Filbfilb is confident that BTC will surge past the $30,000 mark before the end of 2023.
On the contrary, there are predictions that, under more bearish circumstances, BTC could reverse to $20,000 in 2023. If this were to happen, the current local high of $31,800 might continue to be a substantial barrier to cross. Filbfilb concludes by hinting that if this scenario were to pull through, the pre-halving push could only drive the price to reach the 2023 heights, with a breakout likely to happen at a later date.
These speculations cast an interesting light on the future of BTC, inviting a range of investors’ conjectures. However, these predictions have to be taken with a pinch of salt. As always in the exciting world of crypto, every investment move bears its share of risk and demands well-informed, independent analysis before a decision is taken.
Source: Cointelegraph
