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The price of cryptocurrency Bitcoin is at a worrying level for investors. Moreover, Powell’s statements were not dovish. We saw that his statements in 2021 were overly dovish and the Fed chairman was wrong. Maybe, after this meeting, he will be wrong again and interest rates will start to decrease soon? This is extremely important for Bitcoin’s positive performance.
Crypto Expert’s Comment
According to Filbfilb, a popular analyst followed by investors, Bitcoin will continue to stay within a narrow range until at least the fourth quarter of 2023. However, we will see more movement when October, November, and December come. Filbfilb, the co-founder of Decentrader and a popular crypto analyst, made reassuring statements in his post today.
At this stage, there is a scenario mentioned by some experts of a sharp drop in price up to $20,000. If the minority is right, we may witness massive losses in altcoins along with the decrease in BTC. Indeed, many of them are about to lose critical support levels. Even worse, there are not a negligible number of altcoins that have reached all-time low prices, ATL.
The king of cryptocurrency has disappointed investors after a 70% gain in the first quarter of this year. However, according to Filbfilb, the price movement of BTC in this halving cycle is not very different from the previous ones.
“Bitcoin has been consolidating historically since the previous halving for 1200 days.”
Bitcoin Price Predictions
Filbfilb, who uploaded various comparative charts, predicted that miners should start offering higher prices towards the Bitcoin halving, which will happen approximately 1,276 days after each previous halving.
“Miners are incentivized to ensure that prices are well above the marginal cost before the halving. Regardless of whether they make a conscious secret agreement or not, they are collectively encouraged to send prices higher before their marginal revenues are effectively halved. In terms of timing, the fourth quarter seems to be a critical period for BTC, where supply is restricted and new money is directed by speculation.”
However, until then, Bitcoin could face various surprises; and the macroeconomic policy of the US is one of them.
“If it can remain stable, I believe that game theory will come into play, and Bitcoin will convincingly surpass $30,000 before the end of 2023.”
