bitcoin (btc) is approaching a key Fibonacci retracement level that could mark the top of its “pre-halving rally.”
This is according to popular social media trader Titan of crypto, who on November 19 reiterated a btc price target before the halving of up to $50,000.
Trader: $39,000 is the floor of btc‘s price target range before halving
bitcoin faces strong resistance returning to the $40,000 mark; Several attempts to decipher it have failed in the past week.
As Cointelegraph reported, the area immediately below also holds significance for aggregate market returns, with $39,000 likely a break-even point for those who bought during the 2021 bull market.
Titan of crypto has also noted $39,000 as an important limit; this time, however, as the bottom where btc/USD should end up before the April 2024 block subsidy halving event.
“The pre-halving rally I told you about a year ago is about to reach its target zone between $39,000 and $50,000,” 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.
Titan of crypto then used Fibonacci retracement levels to predict a pre-halving peak as high as $50,000, at the time a 220% rise.
“Every cycle, btc had a rally before its halving occurred. “Those rallies culminated within the 61.8% to 78.6% Fibonacci retracement area,” part of the commentary. noted At the time.
Consensus grows on bitcoin‘s advance
Other btc price predictions give similar targets before the halving.
Related: Institutional bitcoin inflows to surpass $1 billion in 2023 amid shrinking btc supply
Filbfilb, co-founder of the DecenTrader trading suite, continues to view an area around $46,000 as “likely,” despite not ruling out the likelihood of a btc price drop between now and then.
However, what could happen after the halving is a more optimistic question for many, with forecasts including $130,000 or more by the end of 2025.
Meanwhile, on the immediate downside, $30,900 has entered as a floor for bitcoin‘s next potential correction. Some argue that a move lower to test liquidity would be healthy, as well as being a classic part of bitcoin market bullish trends.
btc/USD is currently trading at $36,500, according to data from Cointelegraph Markets Pro and TradingViewhaving continued sideways throughout the weekend.
![](https://technicalterrence.com/wp-content/uploads/2023/11/Bitcoin-Nears-Pre-Halving-Target-Zone-Towards-50000-BTC-Price.png)
This article does not contain investment advice or recommendations. Every investment and trading move involves risks, and readers should conduct their own research when making a decision.