While the cryptocurrency market continues to chart its course through a world filled with economic nuances, expert crypto analyst Filbfilb from Decentrader has unveiled two different outlooks for BTC. The trading suite co-founder, in an interview with Cointelegraph, offered an intriguing foresight, stating that Bitcoin could end 2023 at $35,000, before climbing to $46,000 by the 2024 halving despite potential intermittent dips and obstacles.
The crypto guru opines that Bitcoin faces multiple hurdles, with a radically different macroeconomic environment compared to a few years ago. There’s the Bitcoin spot price exchange-traded fund debacle and unprecedented global conditions due to the ongoing pandemic. However, Filbfilb foresees the impact of the 2024 block subsidy halving initiating a powerful effect on BTC price performance, provided that there’s no unexpected black swan event.
A potential dampener is the ongoing tussle between the SEC and other financial establishments. The regulator has been accused of delaying the approval process for a U.S. Bitcoin spot ETF application. While Filbfilb believes this could be frustrating, he predicts approval being a question of “when” rather than “if”, adding another dynamic aspect to the future of Bitcoin.
One fundamental factor, notably referred to as the “elephant in the room”, is U.S. inflation. This economic situation reduces disposable income, potentially making it more challenging for retail investors to invest in Bitcoin. However, amid all the swirling predictions and trends, Filbfilb’s prime metrics for tracking BTC price remain tied to directional price momentum and market positioning.
Meanwhile, the cryptoverse isn’t all about Bitcoin. Altcoins, including XRP and DOGE, are predicted to fare well in the next cycle, thanks to their legal entanglement with the SEC and growing market share.
In the periphery of cyptocurrency market activities, the world’s leading crypto exchange, Binance, is also experiencing a significant shift. The exchange has seen the departure of 10 key executives in 2023 amid increasing regulation-related difficulties. While the reasons for the departures are said to be ordinary, the number, coupled with growing regulatory issues, has drawn skepticism in the crypto community. However, the fundamentals remain strong, and the trajectory continues to look bullish for those with an eye for long-term gains.
Source: Cointelegraph
