Bitcoin Struggles to Meet Trader’s Long-Term Target Nearly One Year Later
As Bitcoin hovers around $36,573, a prominent figure in the crypto community, known as Titan of Crypto, emphasizes the importance of patience in achieving his pre-halving BTC price target of $50,000. The cryptocurrency is approaching a crucial Fibonacci retracement level, signaling a potential peak for its “pre-halving rally.”
Facing resistance near the $40,000 mark, Bitcoin has made several unsuccessful attempts to breach this level in the past week. This zone also holds significance for overall market profitability, serving as a breakeven point for those who entered the market during the 2021 bull run, with $39,000 being a key boundary.
Titan of Crypto, reiterating his pre-halving prediction, states that $39,000 is the bottom range where BTC/USD should stabilize before the April 2024 block subsidy halving event. Reflecting on a post from December 2022, Titan originally forecasted a pre-halving peak of up to $50,000, utilizing Fibonacci retracement levels and anticipating a 220% increase from Bitcoin’s two-year lows of $15,600.
Multiple predictions in the crypto space align with the idea of Bitcoin heading higher before the halving. Filbfilb, co-founder of trading suite DecenTrader, suggests a likely target of around $46,000, while acknowledging the possibility of a price dip in the interim. The post-halving outlook remains a bullish topic, with forecasts speculating on a potential rise to $130,000 or more by the end of 2025.
On the downside, $30,900 emerges as a critical support level for Bitcoin’s potential correction, with some experts arguing that a move lower to test liquidity would be a healthy and typical component of Bitcoin market uptrends.
