Bitcoin analyst puts Q4 as a 'critical time' for BTC price action.
Bitcoin is “much more likely” to stay rangebound until at least Q4, 2023, according to longtime market participant Filbfilb.on Aug. 25, the popular analyst and co-founder of trading suite Decentrader told readers to expect flat BTC price action into year end.after its 70% Q1 gains, but for Filbfilb, there is little about BTC price action this halving cycle that is different to its previous ones.
“Bitcoin is 1200 days since the previous halving. During this period, Bitcoin has historically consolidated,” he explained. Uploading various comparative charts, Filbfilb predicted that miners should begin to bid price higher into the“Miners are incentivized to ensure that prices are well above marginal cost prior to the halving.
1,276 from the 2020 halving gives early November as a potential deadline for such behavior to show itself. “From a timing perspective Q4 seems like a critical time for BTC where we are likely to see supply constricted and new money driven by speculation,” Filbfilb forecast.BTC/USD annotated chart. Source: Filbfilb/XBetween now and then, however, various curve balls may lie in wait for Bitcoin, not least of which is United States macroeconomic policy.
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