There’s an upcoming Bitcoin rally around the corner these days. Check out the latest price predicitons about the most important digital asset.
Bitcoin price prediction is out
At the moment of writing this article, BTC is trading in the red and the king coin is priced at $24,682.
A popular crypto analyst just unveiled his long-term target for Bitcoin’s current cycle.
The pseudonymous trader, whose alter ego is Filbfilb, said recently 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.”
Bitcoin’s price analyzed
Pseudonymous crypto trader Rekt Capital said recently that BTC must close the week above $23,744 to continue its upward trend.
“BTC retest is now in progress
Ultimately, a Weekly Close above this key area is what BTC needs to achieve to break this confluent area of resistance to continue moving higher.”
The analyst also said the fact that BTC needs to go a little higher to confirm its upward trend on the 200-week moving average (MA).
“BTC has performed a picture-perfect rejection at the 200-week MA
BTC needs to reclaim this MA as support to enjoy strong trend continuation.” he said.
Stay tuned for more news and make sure to check out the crypto markets as well.