In the past, Bitcoin has consistently reached the 78.6% Fibonacci retracement level before each halving. This crucial level was reached 4 months, 2 months, and 12 months before the previous three halvings. Now, with the next halving only 7 months away, Bitcoin is expected to reach $48,700, in line with this historical pattern.
Bitcoin, the original cryptocurrency, is known for its dramatic price changes and important events. As we approach its upcoming halving event, historical data suggests a potentially positive price target of $48,700.
The halving event, where Bitcoin miners receive half the amount of BTC for confirming transactions, has consistently been linked to major price shifts. In the past, Bitcoin has always reached a specific price level called the 78.6% Fibonacci retracement before each halving. This retracement is a tool used in technical analysis to identify possible support and resistance levels in trading.
#Bitcoin $48,700 before Halving. 🚀🚀🚀
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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 important Fibonacci level was reached 4 months before the halving. In the second cycle, it happened 2 months before, and in the third cycle, a whole year ahead.
If we follow this pattern, it suggests that Bitcoin is likely to hit $48,700 before the next halving, which is just 7 months away. This lines up with the current excitement in the crypto market.
However, it’s important to remember that past performance and trends don’t guarantee future results. The cryptocurrency market is highly unpredictable and influenced by many factors. Investors should do thorough research and consider different perspectives before making decisions.
In conclusion, as the crypto community eagerly awaits the upcoming halving, many are looking at the $48,700 price as a potential target. Only time will reveal whether history repeats itself or takes a new direction.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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