ššššššBitcoin nears pre-halving 'target zone' toward $50K BTC price āļøāļøāļøāļøāļøāļøššššš
BitcoinĀ BTC$36,461Ā is nearing a key Fibonacci retracement level which could mark the top of its āpre-halving rally.ā
That is according to popular social media trader Titan of Crypto, who on Nov. 19Ā reiteratedĀ a pre-halving BTC price target of up to $50,000.
Bitcoin faces stiff resistance sliding back to the $40,000 mark;Ā several attemptsĀ to crack it have failed in the past week.
As CointelegraphĀ reported, the area immediately below also holds significance for aggregate market profitability, with $39,000 likely a breakeven point for those who bought in during the 2021 bull market.
Titan of Crypto has also flagged $39,000 as an important boundary ā this time, however, as the bottom of where BTC/USD should end up prior to the April 2024Ā block subsidy halvingĀ event.
āThe pre halving rally I told you about one year ago is about to reach its target zone between $39k-$50k,ā he told X subscribers, adding that āpatience is key.ā
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.
Then, Titan of Crypto used Fibonacci retracement levels to predict a pre-halving peak of up to $50,000 ā at the time a 220% increase.
āEach cycle BTC had a rally before its halving occurs. Those rallies topped within the 61.8%-78.6% fibonacci retracement area,ā part of commentaryĀ notedĀ at the time.