Bitcoin is nearing a Fibonacci retracement level, potentially marking the top of its "pre-halving rally," according to social media trader Titan of Crypto. He has reiterated a pre-halving BTC price target of up to $50,000, despite stiff resistance sliding back to the $40,000 mark. The area below holds significance for aggregate market profitability, with $39,000 likely a breakeven point for those who bought in during the 2021 bull market.
Titan of Crypto has also flagged $39,000 as an important boundary, this time as the bottom of where BTC/USD should end up prior to the April 2024 block subsidy halving event. The future of Bitcoin after the halving is a more bullish question, with forecasts including $130,000 or more by the end of 2025. On the downside, $30,900 has entered as a floor for Bitcoin's next potential correction, testing liquidity and a classic part of Bitcoin market uptrends.