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Bitcoin Nears Crucial Fibonacci Level Amidst Pre-Halving Rally

Filbfilb, co-founder of the trading platform DecenTrader, still considers around $46,000 as a probable level, while not ruling out the possibility of a temporary BTC price dip.

Bitcoin is currently approaching a crucial Fibonacci retracement level, which could signify the peak of its pre-halving surge. Titan of Crypto, a prominent social media trader, has reiterated his BTC price target of up to $50,000 on November 19.

Bitcoin is encountering significant resistance as it struggles to surpass the $40,000 threshold, with several unsuccessful attempts in the past week.

This price region also holds significance for overall market profitability, as $39,000 serves as a break-even point for those who entered the market during the 2021 bull run.

Titan of Crypto has identified $39,000 as an essential boundary, but this time, it pertains to where BTC/USD should ideally stabilize before the April 2024 block subsidy halving event.

He mentioned, “The pre-halving rally I mentioned a year ago is on the verge of reaching its target range between $39k-$50k,” emphasizing the importance of patience.

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This update refers to a previous post from December 2022 when Bitcoin was recovering from a low of $15,600.

Titan of Crypto had then used Fibonacci retracement levels to predict a pre-halving peak of up to $50,000, representing a 220% increase.

Filbfilb, co-founder of the trading platform DecenTrader, still considers around $46,000 as a probable level, while not ruling out the possibility of a temporary BTC price dip.

Looking beyond the halving, there’s growing curiosity about Bitcoin’s future prospects, with forecasts ranging from $130,000 or more by the end of 2025.

On the downside, $30,900 has emerged as a potential support level for Bitcoin’s next correction. Some argue that a lower move to test liquidity would be beneficial and a typical element of Bitcoin market uptrends.

Currently, BTC/USD is trading at $36,500, as per data from Cointelegraph Markets Pro and TradingView. It has maintained a sideways trend over the weekend.

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No information published in Crypto Intelligence News constitutes financial advice; crypto investments are high-risk and speculative in nature.