Bitcoin nears pre-halving 'target zone' toward $50K BTC price

1 year ago

Bitcoin (BTC) is nearing a cardinal Fibonacci retracement level which could people the apical of its “pre-halving rally.”

That is according to fashionable societal media trader Titan of Crypto, who connected Nov. 19 reiterated a pre-halving BTC terms people of up to $50,000.

Trader: $39,000 is pre-halving BTC terms people scope floor

Bitcoin faces stiff absorption sliding backmost to the $40,000 mark; several attempts to ace it person failed successful the past week.

As Cointelegraph reported, the country instantly beneath besides holds value for aggregate marketplace profitability, with $39,000 apt a breakeven constituent for those who bought successful during the 2021 bull market.

Titan of Crypto has besides flagged $39,000 arsenic an important bound — this time, however, arsenic the bottommost of wherever BTC/USD should extremity up anterior to the April 2024 block subsidy halving event.

“The pre halving rally I told you astir 1 twelvemonth agone is astir to scope its people portion betwixt $39k-$50k,” helium told X subscribers, adding that “patience is key.”

The update referenced an archetypal station from December 2022, erstwhile Bitcoin was inactive preparing to retrieve from a travel to two-year lows of $15,600.

Then, Titan of Crypto utilized Fibonacci retracement levels to foretell a pre-halving highest of up to $50,000 — astatine the clip a 220% increase.

“Each rhythm BTC had a rally earlier its halving occurs. Those rallies topped wrong the 61.8%-78.6% fibonacci retracement area,” portion of commentary noted astatine the time.

Consensus grows connected Bitcoin heading higher

Other BTC terms predictions springiness akin targets earlier the halving.

Filbfilb, co-founder of trading suite DecenTrader, continues to springiness an country astir $46,000 arsenic “likely,” contempt not discounting the probability of a BTC terms dip betwixt present and then.

What mightiness hap aft the halving, however, is simply a much bullish question for many, with forecasts including $130,000 oregon more by the extremity of 2025.

To the contiguous downside, meanwhile, $30,900 has entered arsenic a level for Bitcoin’s next imaginable correction. A determination little to trial liquidity, immoderate argue, would beryllium healthy, arsenic good arsenic a classical portion of Bitcoin marketplace uptrends.

BTC/USD presently trades astatine $36,500, per information from Cointelegraph Markets Pro and TradingView, having tracked sideways passim the weekend.

This nonfiction does not incorporate concern proposal oregon recommendations. Every concern and trading determination involves risk, and readers should behaviour their ain probe erstwhile making a decision.

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