A popular cryptocurrency trader says that Bitcoin (BTC) may tap the $50K mark before the halving. However, he says “patience is key” on the way to that price.
The statement came from the pseudonymous trader, Titan of Crypto, on the X platform (formerly Twitter) last year. Fast-forward on November 19, he once again reiterated the BTC target zone between $39K to $50K to his over 53.7K followers.
Titan of Crypto explains that each rally that happened prior to each halving period “topped within the 61.8%-78.6% Fibonacci retracement area,” and this is where the figures on his forecast were from.
Crypto trader Mags expressed his support to the bullish outlook on Bitcoin in a reply to Titan of Crypto. It went with an alternative strategy suggesting about buying Bitcoin 500 days before halving and then holding on to them until the next 500 days post-halving. No target price was set on the crypto on this one but the chart he provided implied that it may be between 90K and 140K range.
Meanwhile, DecenTrader Co-Founder Filbfilb laid down a more conservative peak of $46K for Bitcoin before the monumental event. And when the fireworks settle in the aftermath of the halving, he projects the token lying at $130K by 2025.
On the flip side, a correction dipping at the $30.9 line is also being shoved on the table. But then again, many believe that it is only a part of Bitcoin’s cycle as it tests liquidity.
There is no definite date for the halving phenomenon, but Nasdaq estimates it to be sometime in April 2024.
Bitcoin is hovering around $36,570 as of this writing at 5:00 UTC time on Sunday. The numbers from the on-chain metrics of Coinmarketcap represent 0.20% less than the valuation of the digital asset 24 hours ago as it went on a high of $36,786 and low of $36,414. The trading volume of the token had a double-digit slump at 32.4%.
Still, the highest value attained by BTC was $68,789 two years ago on November 10, 2021. Based on the said data, it is no longer impossible for the digital currency to reach $50K, or even more if this resistance is surpassed.
Spot Bitcoin ETF Watch
The crypto gods may be smiling on Bitcoin right now as anticipation for the halving is also coupled with positive viewpoint regarding the potential approval of spot Bitcoin ETFs. Taking this factor into account could further push an uptrend for BTC before and during its ride up next year.