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- Bitcoin (BTC) has been projected to hit $180,000 by a top market analyst.
- This prediction is backed by unique fundamentals including Halving and institutional adoption.
Bitcoin (BTC) has received yet another positive price projection as several indices show an uptrend is imminent in the long term.
According to a new prediction made by a popular crypto trader with the Twitter username FilbFilb, the premier digital currency has what it takes to hit a new target of $180,000.
$180k; that’s the target.
— filbfilb (@filbfilb) February 19, 2023
While FilbFilb told his more than 85,800 followers that that projection is meant for the short term, his rationale, according to a Bloomberg report, is hinged on the upcoming Bitcoin halving slated for sometime May next year. He said.
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,
The Bitcoin Network halving event is bound to be a major catalyst for the digital currency which hit an All-Time High (ATH) above $68,000 back in November 2021. That rally at the time came about 18 months after the 3rd Halving event of the network which was in May 2020.
The Halving event occurs automatically on-chain and it slashes the rewards for producing a block in the network by half. The current reward per block is pegged at 6.25 at this time and in the next halving, this will be reduced to 3.125. The logic is to reduce the supply at which new Bitcoin will be created so as to infuse such scarcity that will help drive the price of the coin upward.
FilbFilb showed charts of past halving events which were succeeded by a massive surge in buying momentum owing to increasing demands.
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,” the analyst said, “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).
Fundamental Capabilities of Bitcoin (BTC) Price
According to the analyst, Bitcoin (BTC) also exhibits a number of fundamental potentials that are capable of pushing up its price upward beyond just the technical and network capabilities. Amongst the events earmarked include the bullish integration of Bitcoin by the world’s largest investment management firms, BlackRock and Fidelity Investments.
According to an earlier report by Crypto-News Flash, BlackRock added Bitcoin to its $15 trillion Global Allocation Fund, an extremely bullish move for the premier cryptocurrency. Besides, Goldman Sachs is also looking at getting involved with Bitcoin through defined product offerings through BlackRock.
The synergy among top institutional investors in the mainstream financial ecosystem as it relates to Bitcoin adoption is poised to help drive the targeted growth of the cryptocurrency in the mid to long term.
