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Bitcoin Poised to Hit $48,700 Ahead of Next Halving? Historical Data Thinks So!

source-logo  cryptonewsland.com 24 September 2023 04:59, UTC
  • Historically, Bitcoin has always reached the 78.6% Fibonacci retracement level before a halving.
  • In the three previous cycles, this significant level was hit 4 months, 2 months, and 12 months before the halving respectively.
  • With the next halving just 7 months away, Bitcoin is forecasted to hit $48,700, aligning with this pattern.

Bitcoin, the pioneer of the cryptocurrency world, is no stranger to sharp price swings and pivotal moments. As we edge closer to its next halving event, historical data points to a potentially bullish price point: $48,700.

The halving – an event where Bitcoin miners receive 50% less BTC for verifying transactions – has always been associated with significant price movements. Historically, it’s been observed that the halving never took place without Bitcoin reaching the 78.6% Fibonacci retracement level. For those unfamiliar, the Fibonacci retracement is a popular technical analysis tool that marks potential support and resistance levels.

#Bitcoin $48,700 before Halving. 🚀🚀🚀

You might want to bookmark this one.

Never in history the halving occurred without #BTC reaching the 78.6% Fibonacci retracement level.

◽️ 1st cycle, price reached it 4 months before halving.
◽️ 2nd cycle, it was 2 months before.
◽️ 3rd… pic.twitter.com/9Qc5RCteG5

— Titan of Crypto (@Washigorira) September 23, 2023

In the first cycle, this key Fibonacci level was attained 4 months before the halving. The second cycle saw Bitcoin touch this level 2 months ahead, and during the third cycle, a whopping 12 months in advance.

If we consider this trend, the math suggests Bitcoin is on track to reach the $48,700 mark before the next halving, which is only 7 months away. This aligns perfectly with the momentum the crypto market is currently witnessing.

However, while past performance and trends provide insightful data, they do not guarantee future results. The cryptocurrency market is volatile and is influenced by a myriad of factors. Investors are always encouraged to conduct thorough research and consider multiple viewpoints before making decisions.

In conclusion, as the crypto community awaits the upcoming halving with bated breath, the magic number on many enthusiasts’ minds will undoubtedly be $48,700. Time will tell if history repeats itself or charts a new course.