Crypto News

Bitcoin on the verge of halving the “target zone” towards a BTC price of $50,000

Bitcoin (BTC) is approaching a key Fibonacci retracement level that could mark the top of its “pre-halving rally.”

This was stated by popular social media trader Titan of Crypto, who on November 19, reiterated a pre-halving BTC price target of up to $50,000.

Trader: $39,000 pre-halves BTC price target range floor

Bitcoin faces strong resistance and returns to the $40,000 mark; several attempts to resolve it failed last week.

As Cointelegraph reported, the area immediately below also holds significance for the market’s overall profitability, with $39,000 likely a break-even point for those who bought during the 2021 bull market.

Titan of Crypto also flagged $39,000 as an important limit – this time, however, as the low point of where BTC/USD is expected to end before the April 2024 block grant halving event.

“The pre-halving rally I told you about a year ago is about to hit its target zone of between $39,000 and $50,000,” he told X subscribers, adding that “patience is the key”.

The update referenced an original article from December 2022, when Bitcoin was still preparing to recover from a two-year low at $15,600.

Then, Titan of Crypto used Fibonacci retracement levels to predict a pre-halving peak of up to $50,000 – at the time a 220% increase.

“Every cycle, BTC saw a rally before being halved. These rallies peaked at the 61.8% to 78.6% Fibonacci retracement zone,” is part of the commentary. note at the time.

BTC/USD chart with Fibonacci retracement data. Source: Crypto/X Titan

Consensus grows on the rise of Bitcoin

Other BTC price predictions give similar targets ahead of the halving.

Related: Institutional Bitcoin Inflows Exceed $1 Billion in 2023 Amid BTC Supply Squeeze

Filbfilb, co-founder of trading suite DecenTrader, continues to consider an area around $46,000 “likely,” although he does not rule out the likelihood of a drop in BTC prices between now and then.

However, what could happen after the halving is a more optimistic question for many, with predictions including $130,000 or more by the end of 2025.

Meanwhile, as an immediate downside, $30,900 has entered as the floor for Bitcoin’s next potential correction. According to some, a drop to test liquidity would be healthy and a classic part of the Bitcoin market’s uptrend.

BTC/USD is currently trading at $36,500, according to data from Cointelegraph Markets Pro and TradingView, after tracking sideways throughout the weekend.

BTC/USD 1 hour chart. Source: TradingView

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research before making a decision.