Bitcoin (BTC) is approaching a key Fibonacci retracement level, which could mark the top of its “pre-halving rally.”
This was stated by popular social media trader Titan of Crypto on November 19 reiterate The target price of BTC before halving is as high as $50,000.
Trader: $39,000 is the lower limit of the BTC price target range before halving
Bitcoin faces strong resistance as it falls back to the $40,000 mark; multiple attempts to crack the vulnerability have failed over the past week.
As Cointelegraph reported, the area immediately below is also significant for overall market profitability, with $39,000 potentially being the breakeven point for those buying during the 2021 bull run.
Titan of Crypto also marks $39,000 as an important border – however, this time it is the bottom that BTC/USD should reach before the block subsidy halving event in April 2024.
“I told you a year ago that the pre-halving rally was about to hit the target zone between $39,000 and $50,000,” he told X subscribers, adding that “patience is key.”
The update cites an original post from December 2022, when Bitcoin was still poised to recover from a two-year low of $15,600.
Titan of Crypto then used Fibonacci retracement levels to predict a pre-halving peak of $50,000, a 220% increase at the time.
“Bitcoin rallies before each halving cycle. These rallies peak within the 61.8%-78.6% Fibonacci retracement zone,” part of the comment famous then.
Consensus for Bitcoin heading higher continues to grow
Other BTC price predictions have given similar targets ahead of the halving.
Related: Bitcoin institutional inflows set to top $1 billion in 2023 due to tight BTC supply
Filbfilb, co-founder of trading suite DecenTrader, continues to view the area around $46,000 as a “possibility,” although not discounting the likelihood of a BTC price decline between now and then.
However, for many, what will happen after the halving is a more optimistic question, with prices expected to reach $130,000 or more by the end of 2025.
Meanwhile, $30,900 has emerged as the floor for Bitcoin’s next potential retracement. Some believe that a dip to test liquidity would be healthy and a classic part of an uptrend in the Bitcoin market.
BTC/USD is currently trading at $36,500, according to data from Cointelegraph Markets Pro and Cointelegraph Markets Pro trading viewwhich has been trading sideways all weekend.
This article does not contain investment advice or recommendations. Every investment and trading activity involves risks, and readers should do their own research when making decisions.
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