Bitcoin (BTC) has emerged from its bear market, and according to veteran Bitcoin market analyst Philip Swift, the cryptocurrency may reach $20,000 in the coming months. Swift, who is the co-founder of trading suite DecenTrader and data resource Look Into Bitcoin, believes that the bottom is in and Bitcoin will experience a period of growth in the latter half of the year. However, he remains cautious about the possibility of a deeper correction than the recent 10% dip. Swift also acknowledges the obstacles that bulls face, particularly concerning government policies that could suppress prices. Despite these challenges, Swift believes that the underlying strength of Bitcoin’s price will prevail. In a recent interview with Cointelegraph, Swift discusses the price performance of Bitcoin in 2023 and the potential for a return to $20,000. He also addresses concerns about regulatory issues and the impact of banking crises on Bitcoin. Swift anticipates that the pre-halving narrative will have a positive impact on the price of Bitcoin in late Q3 and Q4. He also comments on the possibility of a blow-off top in the next halving cycle and highlights several BTC price metrics that have his attention, including the bull market comparison, the 1yr HODL Wave, and the MVRV Z-Score. Additionally, Swift discusses the current state of the NFT market, noting that it is currently in a state of major depression, but relief may come in the form of strategic investors seeking quality NFTs at lower prices.
Philip Swift predicts Bitcoin price could reach $20K within the next 4 months with relative ease.