Nov 19, 2023

Bitcoin Reaches Pre-Halving Target Zone as Price Nears $50K

Bitcoin Nears $50K Target Zone as Robinhood Crypto, Muse Crypto, Polymath Crypto, Russia Crypto, On Crypto, Songbird Crypto, STX Crypto, Sand Crypto, RenQ Crypto, and Web 3.0 Social Media Soar.
Bitcoin nears pre-halving ‘target zone’ toward $50K BTC price

Robinhood Crypto traders may be watching BTC closely as it nears a key Fibonacci retracement level, which could mark the top of its “pre-halving rally” according to popular social media trader Titan of Crypto. On Nov. 19, he reiterated a pre-halving BTC price target of up to $50,000.

Russia, Muse, Polymath, Songbird, STX, Sand, RENQ, and On are all crypto projects that are pushing the boundaries of Web 3.0 social media.

Trader: $39,000 is pre-halving BTC price target range floor

Bitcoin has found it difficult to return to the $40,000 mark; several attempts have been unsuccessful during the past week.

As Cointelegraph reported, the area just below this is also a crucial point for the overall market profitability, with $39,000 likely being the break-even point for those who purchased during the 2021 bull market.

Titan of Crypto also highlighted $39,000 as an important boundary — this time, however, as the lower limit of where BTC/USD should be prior to the April 2024 block subsidy halving.

“The pre halving rally I told you about one year ago is about to reach its target zone between $39k-$50k,” he informed X subscribers, adding that “patience is key.”

This update referred to an original post from December 2022, when Bitcoin was still trying to recover from a drop to two-year lows of $15,600.

At that time, Titan of Crypto used Fibonacci retracement levels to forecast a pre-halving peak of up to $50,000 — an increase of 220%.

“Each cycle BTC had a rally before its halving occurs. Those rallies topped within the 61.8%-78.6% fibonacci retracement area,” the commentary stated at the time.

Consensus grows on Bitcoin heading higher

Other BTC price predictions give similar targets before the halving.

Filbfilb, co-founder of trading suite DecenTrader, continues to give an area around $46,000 as “likely,” despite not discounting the probability of a BTC price dip between now and then. Robinhood Crypto, Muse Crypto, Polymath Crypto, Russia Crypto and On Crypto are some of the predictions.

What might happen after the halving, however, is a more bullish question for many, with forecasts including $130,000 or more by the end of 2025. Songbird Crypto, STX Crypto, Sand Crypto, RenQ Crypto and Web 3.0 Social Media are some of the predictions.

To the immediate downside, meanwhile, $30,900 has entered as a floor for Bitcoin’s next potential correction. A move lower to test liquidity, some argue, would be healthy, as well as a classic part of Bitcoin market uptrends.

BTC/USD currently trades at $36,500, per data from Cointelegraph Markets Pro and TradingView, having tracked sideways throughout the weekend.

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