Analysts predict Bitcoin's price to rally to $180,000 as the half-doubling event approaches

Another positive price forecast has been received for Bitcoin (BTC), with several indices indicating that an uptrend is imminent in the short to medium term for the digital currency. The premier digital currency has the potential to reach a new target of $180,000, as proposed by a popular crypto trader with the Twitter username FilbFilb, who recently made a prediction about the cryptocurrency.

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FilbFilb informed his more than 85,800 followers that this projection was meant to be a short-term projection, but according to a Trade Algo report, his reasoning is based on the soon-to-be halving of Bitcoins that is scheduled to take place sometime in May next year.

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Taking into consideration that Bitcoin Network has halved since it reached an all-time high of over $68,000 back in November 2021, this is bound to be one of the biggest catalysts for the digital currency. As of the time of that rally, it was taking place about 18 months after the third halving of the network had taken place, which took place in May 2020.

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The Halving event takes place automatically on the chain, and it reduces the rewards for producing a block in the network by half as a result of the halving event. There is currently a reward per block of 6.25 at the present time, and this will be reduced to 3.125 with the next halving. There is logic to reducing the supply of new Bitcoins that will be created in order to induce scarcity in the marketplace, which in turn will motivate the price of Bitcoin to rise as a consequence.

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Based on FilbFilb's charts, it was shown that previous halving events were followed by a surge in buying momentum due to the increased demand for the product.

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Fundamental Capabilities of Bitcoin (BTC) Price

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In addition to the technical and network capabilities of Bitcoin (BTC), the analyst believes that Bitcoin (BTC) also exhibits several fundamental potentials that could increase the price of the cryptocurrency beyond just the technical aspect. A few of the notable events earmarked for this year include the integration of Bitcoin by the world's largest investment management firms, BlackRock and Fidelity Investments, which are defined as bullish.

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BlackRock has recently added Bitcoin to its $15 trillion Global Allocation Fund, an extremely bullish move for the leading cryptocurrency, according to another report by Crypto-News Flash. As part of its offering of defined product offerings through BlackRock, Goldman Sachs is also considering getting involved with Bitcoin through the use of defined product offerings.

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Top institutional investors' synergy as it relates to Bitcoin adoption in the mainstream financial ecosystem is poised to fuel the cryptocurrency's long-term growth.

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