Bitcoin (BTC) is nearing a key Fibonacci retracement level which could mark the top of its “pre-halving rally.”
That is according to popular social media trader Titan of Crypto, who on Nov. 19 reiterated a pre-halving BTC price target of up to $50,000.
Trader: $39,000 is pre-halving BTC price target range floor
Bitcoin faces stiff resistance sliding back to the $40,000 mark; several attempts to crack it have failed in the past week.
As Cointelegraph reported, the area immediately below also holds significance for aggregate market profitability, with $39,000 likely a breakeven point for those who bought in during the 2021 bull market.
Titan of Crypto has also flagged $39,000 as an important boundary — this time, however, as the bottom of where BTC/USD should end up prior to the April 2024 block subsidy halving event.
“The pre halving rally I told you about one year ago is about to reach its target zone between $39k-$50k,” he told X subscribers, adding that “patience is key.”
The update referenced an original post from December 2022, when Bitcoin was still preparing to recover from a trip to two-year lows of $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.
“Each cycle BTC had a rally before its halving occurs. Those rallies topped within the 61.8%-78.6% fibonacci retracement area,” part of commentary noted at the time.
BTC/USD chart with Fibonacci retracement data. Source: Titan of Crypto/X
Consensus grows on Bitcoin heading higher
Other BTC price predictions give similar targets before the halving.
Related: Bitcoin institutional inflows top $1B in 2023 amid BTC supply squeeze
Filbfilb, co-founder of trading suite DecenTrader, continues to give an area around $46,000 as “likely,” despite not discounting the probability of a BTC price dip between now and then.
What might happen after the halving, however, is a more bullish question for many, with forecasts including $130,000 or more by the end of 2025.
To the immediate downside, meanwhile, $30,900 has entered as a floor for Bitcoin’s next potential correction. A move lower to test liquidity, some argue, would be healthy, as well as a classic part of Bitcoin market uptrends.
BTC/USD currently trades at $36,500, per data from Cointelegraph Markets Pro and TradingView, having tracked 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 when making a decision.
Source: https://cointelegraph.com/news/bitcoin-nears-pre-halving-target-50k-btc-price
