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.
Consensus grows on the rise of Bitcoin
Other BTC price predictions give similar targets ahead of the halving.
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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.
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.