Filbfilb predicts Bitcoin’s value may surge to $46K following 2024 halving, according to an exclusive interview.

Bitcoin (BTC) has the potential to reach $35,000 by the end of 2023, according to veteran analyst Filbfilb. Despite facing challenges and a potential dip in price, Filbfilb believes that the upcoming block subsidy halving in April 2024 will have a positive impact on BTC’s price performance, potentially pushing it as high as $46,000. Filbfilb also expects a reversal in price behavior in Q4, as miners and smart money buy into the halving rumors. He sees a correlation between the reduction in new emitted supply and increased speculative demand during previous cycles. However, he does not see a direct correlation between hash rate and price. Filbfilb notes that the failure to break the 100-week moving average and the timing of the uptick from the 2022 lows are notable differences in BTC’s price action this year compared to previous halving years. Regarding the recent Grayscale vs. SEC lawsuit and the possibility of a US Bitcoin spot ETF approval, Filbfilb believes that the SEC’s delay tactics indicate that approval is likely. He also points out that US inflation and higher costs of capital could impact Bitcoin’s post-halving performance next year. Filbfilb’s preferred metrics for tracking BTC’s price include directional price momentum and market positioning. He predicts that BTC could reach $35,000 by the end of this year and potentially go as high as $46,000 before the 2024 halving. In terms of altcoins, Filbfilb expects XRP and Dogecoin to perform well in the next cycle, with XRP benefiting from its legal case with the SEC and Dogecoin potentially gaining traction if Elon Musk integrates crypto into his projects.