Bitcoin has been making headlines once again with its recent surge to a multi-month high, and analysts are debating whether this is part of the consolidation that began a few weeks ago or the start of a new uptrend. While the short-term trend remains intact, investors are keeping a close eye on key levels to watch. Additionally, with Bitcoin halving hypotheses spreading, there is much discussion about what to expect in 2024.
Recently, a mystery trader known as Filbfilb made a bold prediction, announcing that he has boosted his target price for Bitcoin to $180,000. The trader believes that the halving of Bitcoin’s block reward, which is expected to occur in about a year, will serve as the primary driving force behind this new surge.
This is because the rate at which new BTC enters circulation is halved every four years, from 6.25 BTC to 3.125 BTC for each block. Historically, the tightening of supply has been accompanied by significant price changes in Bitcoin.
Filbfilb also points to a single chart that investors need to see to fully grasp the potential of Bitcoin. The Bitcoin bull market comparison chart shows what happened after each Bitcoin halving. After each halving, prices rose.
The trader cites fundamental developments in the industry, such as the adoption of Bitcoin as legal tender in El Salvador and the Central African Republic, and the institutionalization of Bitcoin at financial behemoths like Fidelity and BlackRock, as reasons to anticipate a forthcoming bull run.