Bitcoin is facing a strong resistance level as it attempts to climb back to the $40,000 mark, and several recent attempts to break through have been unsuccessful. The crypto community regards the $39,000 level as a crucial boundary, especially as BTC/USD approaches the event of the next halving, expected in April 2024.
“The protest before the halving that I mentioned to you about a year ago is approaching the target range of $39,000 to $50,000,” said Titan of Crypto, emphasizing the importance of patience.
This update refers to an original post from December 2022 when Bitcoin was recovering from its lowest point in two years, around $15,600. At that time, Titan of Crypto used Fibonacci retracement levels to predict a pre-halving peak of $50,000, marking a 220% increase from the low point.
“Every BTC cycle has a recovery before the halving. Those price increases peak in the 61.8%-78.6% Fib retracement zone,” a comment noted at the time.
Other Bitcoin price predictions offer similar targets before the halving. Filbfilb, co-founder of the DecenTrader trading suite, suggests a “likely” region around $46,000, although he doesn’t rule out the possibility of Bitcoin’s price declining before then.
However, the more optimistic outlook for many is what might happen after the halving, with forecasts exceeding $130,000 by the end of 2025.
In the immediate future, $30,900 is considered a potential floor for the next Bitcoin correction. Some believe that a lower drop to test liquidity levels would be healthy and is a classic part of Bitcoin’s upward market trend.
BTC/USD is currently trading at $36,500, according to TradingView data, and it has been consolidating over the weekend.