Bitcoin Nears Key Fibonacci Level as Pre-Halving Rally Continues
Bitcoin (BTC) is approaching a crucial Fibonacci retracement level that could indicate the end of its pre-halving rally. Popular social media trader Titan of Crypto has reiterated his pre-halving price target of up to $50,000 for BTC.
Resistance at $40,000
Bitcoin has faced strong resistance in its attempt to break the $40,000 mark, with several unsuccessful attempts in the past week. The $39,000 level is also significant as it represents the breakeven point for those who bought in during the 2021 bull market. Titan of Crypto has identified $39,000 as an important boundary, this time 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,” said Titan of Crypto. He emphasized the importance of patience during this period.
A Historical Perspective
Titan of Crypto’s prediction is based on Fibonacci retracement levels and an analysis from December 2022, when Bitcoin was recovering from a low of $15,600. At that time, he predicted a pre-halving peak of up to $50,000, which would represent 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,” noted Titan of Crypto in his original analysis.
Consensus on Bitcoin Heading Higher
Other analysts are also predicting similar price targets for Bitcoin before the halving. Filbfilb, co-founder of trading suite DecenTrader, believes that an area around $46,000 is likely, although he does not discount the possibility of a price dip before reaching that level.
Looking beyond the halving, there are even more bullish forecasts, with some experts predicting a price of $130,000 or more by the end of 2025.
Downside Risk and Current Price
In the short term, there is a floor at $30,900 for Bitcoin’s next potential correction. Some argue that a move lower to test liquidity would be healthy for the market and a typical part of Bitcoin’s uptrends.
Currently, BTC/USD is trading at $36,500, according to data from Cointelegraph Markets Pro and TradingView. The price has been relatively stable over the weekend.
Note: This article does not provide investment advice. Readers should conduct their own research before making any investment decisions.
