Bitcoin is approaching the pre-halving ‘target zone’ of the $50K BTC price
Bitcoin (BTC) is at a key Fibonacci retracement level that could mark a “pre-half rally” high.
This is according to the popular social media trading titan of crypto, in 2015. On November 19, he reiterated the pre-halving BTC price to $50,000.
Trader: $39,000 BTC is the pre-half of the price target range.
Bitcoin will face strong resistance as it slides towards the $40,000 mark. Several attempts to break in have failed over the past week.
As Cointelegraph reports, the bottom position is significant for overall market profitability, possibly the breakout point for the $39,000 buy during the 2021 bull market.
The titan of crypto has pointed to $39,000 as an important boundary – but this is the bottom where BTC/USD must finish before the April 2024 subsidy halving event.
“The pre-half rally I told you a year ago is going to be around $39k to $50k,” he told X subscribers, adding that “patience is the key.”
The update referenced the original post from December 2022, when Bitcoin was still preparing to recover from a trip to a two-year low of $15,600.
The titan of crypto then used Fibonacci retracement levels to predict a pre-halving peak of up to $50,000 – a 220% increase at the time.
“Each cycle had a rally before BTC halved. Those rallies peaked in the 61.8%-78.6% Fibonacci retracement area,” said the commentary section at the time.
At the higher level of Bitcoin, consensus grows
Other BTC price forecasts give similar targets before the halving.
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Filbfilb, the founder of DecenTrader's trading suite, continues to cite the $46,000 area as a “possibility” despite not discounting the possibility of a BTC price drop between now and then.
But what will happen after the reduction is a more pressing question for many, with predictions of $130,000 or more by the end of 2025.
Immediately below, meanwhile, $ 30,900 Bitcoin entered as the floor for the next potential correction. A move lower to test liquidity would be healthy, and a classic part of Bitcoin market dynamics.
BTC/USD is currently trading at $36,500, with data from Cointelegraph Markets Pro and TradingView tracking sideways throughout the weekend.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
