Bitcoin is approaching a critical Fibonacci retracement level, signaling a potential culmination of its “pre-halving rally” according to Titan of Crypto, a prominent social media trader. On November 19, Titan reiterated his long-standing BTC price target of up to $50,000, emphasizing the importance of patience in achieving this goal. The current market conditions see Bitcoin encountering resistance and fluctuating around the $40,000 mark, with repeated unsuccessful attempts to breach this threshold over the past week.
As previously reported by Cointelegraph, the $39,000 range holds significance not only for Bitcoin’s price dynamics but also for the aggregate market profitability, serving as a breakeven point for investors who entered the market during the 2021 bull run. Titan of Crypto has identified $39,000 as a crucial boundary, this time in anticipation of the April 2024 block subsidy halving event, emphasizing it as the lower limit for BTC/USD before the halving.
The trader referred to a prediction made in December 2022, when Bitcoin was recovering from a drop to $15,600, wherein he utilized Fibonacci retracement levels to forecast a pre-halving peak of $50,000, representing a 220% increase. His analysis highlighted historical patterns of BTC rallies occurring before halving events, typically peaking within the 61.8%–78.6% Fibonacci retracement area.
Notably, other BTC price predictions align with similar targets before the halving, with Filbfilb, co-founder of trading suite DecenTrader, suggesting a probable level around $46,000. Despite acknowledging the potential for a temporary dip in BTC price, Filbfilb remains optimistic about the overall trajectory.
Looking beyond the halving, bullish sentiments prevail in various forecasts, including projections of $130,000 or higher by the end of 2025. On the downside, $30,900 is identified as a potential floor for Bitcoin’s next correction, with some experts suggesting that a downward move to test liquidity would be a healthy and characteristic element of Bitcoin market uptrends.
As of the latest data from Cointelegraph Markets Pro and TradingView, BTC/USD is currently trading at $36,500, maintaining a sideways trend over the weekend.