Bitcoin Edges Towards Key Fibonacci Level amid Pre-Halving Rally; Could Hit $50,000, Says Titan of Crypto
Summary:
Bitcoin (BTC) is approaching a vital Fibonacci retracement level, possibly indicating the peak of its pre-halving rally, according to online investor Titan of Crypto. Reaffirming a pre-halving BTC price target of up to $50,000, Titan cites $39,000 as the potential low range for prices prior to the block subsidy halving event in April 2024. BTC has been facing heavy resistance near the $40,000 benchmark. Predictions for post-halving are more optimistic, with estimates pointing to figures of $130,000 or more by the end of 2025. Currently, BTC trades around $36,500.
Bitcoin (BTC) is edging up towards a crucial Fibonacci retracement point, identified as a potential upper limit of its run up ahead of the so-called "halving event," according to the widely-followed online investor, Titan of Crypto. On November 19, Titan reaffirmed a pre-halving prediction for BTC to reach as high as $50,000. The trader suggests $39,000 as the lowest point in the range where pre-halving bitcoin prices could settle.
Bitcoin continues to encounter hefty resistance as it aims for the $40,000 benchmark; ongoing efforts to breach this price level over the past week have not proven successful. It's worth noting that the $39,000 threshold is also significant as a likely break-even point for investors who jumped aboard during the 2021 bull run, as reported by Cointelegraph. Titan of Crypto sees it as a pivotal lower limit for BTC/USD prior to the block subsidy "halving" in April 2024.
"The anticipated rally prior to the halving, which I predicted a year ago, is approaching its target zone of $39k-$50k," the trader advised his followers, emphasizing the importance of patience. This reflects a prediction he made in December 2022, when BTC was still gearing up to bounce back from a two-year bottom of $15,600. Using Fibonacci retracement levels, he anticipated a pre-halving peak of up to $50,000, which represented a 220% rise at the time.
"Each cycle has seen BTC rally ahead of its halving. These rallies have traditionally peaked within the 61.8%-78.6% Fibonacci retracement area," he observed back then. As per data from Titan of Crypto and X, the BTC/USD chart echoes these Fibonacci retracement indices.
There is growing agreement supporting Bitcoin's ability to climb higher. Even other forecasts around bitcoin prices are hover around similar figures prior to the halving. Filbfilb, co-founder trading technology provider DecenTrader, projects around $46,000 as a "probable" point, without ruling out a price drop between now and then.
Predictions for what might unfold post-halving are even more optimistic, with some forecasting Bitcoin could rocket to $130,000 or higher by the close of 2025. Downward pressures could push Bitcoin as low as $30,900 in its next potential adjustment phase. Some market watchers believe such a dip to assess liquidity would be beneficial and a typical component of Bitcoin's upward market trends.
At present, BTC/USD is exchanging hands for around $36,500, per data from Cointelegraph Markets Pro and TradingView, showing little movement over the weekend.
Published At
11/19/2023 12:26:58 PM
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