Bitcoin’s price movement is closing in on a significant milestone, approaching a crucial Fibonacci retracement level that could signal the peak of its “pre-halving rally.” Titan of Crypto, a prominent social media trader, has reiterated his long-standing pre-halving BTC price target of up to $50,000, emphasizing the importance of patience in reaching this goal nearly one year after the initial prediction.
Bitcoin is currently facing resistance, retracing to the $40,000 mark after several unsuccessful attempts to breach it in the past week. This level holds significance not only for Bitcoin’s price action but also for the overall profitability of the market. $39,000 is considered a breakeven point for those who entered the market during the 2021 bull run.
Titan of Crypto identifies $39,000 as a crucial boundary, marking the bottom where BTC/USD should ideally settle before the April 2024 block subsidy halving event. Referring to a prediction made in December 2022, when Bitcoin was recovering from two-year lows of $15,600, Titan of Crypto used Fibonacci retracement levels to forecast a pre-halving peak ranging between $39,000 and $50,000, representing a potential 220% increase.
This prediction aligns with other BTC price forecasts, such as that of Filbfilb, co-founder of trading suite DecenTrader, who suggests a likely area around $46,000, acknowledging the possibility of a price dip before reaching this target. The period following the halving raises more optimistic questions, with some projections envisioning Bitcoin reaching $130,000 or more by the end of 2025.
However, amid these optimistic targets, there is a recognition of potential downside risks. A floor at $30,900 has been identified as a possible level for Bitcoin’s next correction, with proponents arguing that a move lower to test liquidity would be a healthy and customary aspect of Bitcoin market uptrends.
As of now, BTC/USD is trading at $36,500, displaying a sideways trend over the weekend, according to data from Cointelegraph Markets Pro and TradingView. The ongoing price action will be closely monitored as Bitcoin approaches the projected target zone, marking a crucial phase in its market trajectory.
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