Bitcoin is nearing a key Fibonacci retracement level which could mark the top of its “pre-halving rally.”

That is according to popular social media trader Titan of Crypto, who on Nov. 19 reiterated a pre-halving BTC price target of up to $50,000.

Trader: $39,000 is pre-halving BTC price target range floor

Bitcoin faces stiff resistance sliding back to the $40,000 mark; several attempts to crack it have failed in the past week.

As Cointelegraph reported, the area immediately below also 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, however, as the bottom of where BTC/USD should end up prior to the April 2024 block subsidy halving event.

“The pre halving rally I told you about one year ago is about to reach its target zone between $39k-$50k,” he told X subscribers, adding that “patience is key.”

The update referenced an original post from December 2022, when Bitcoin was still preparing to recover from a trip to two-year lows of $15,600.

Then, Titan of Crypto used Fibonacci retracement levels to predict a pre-halving peak of up to $50,000 — at the time a 220% increase.

“Each cycle BTC had a rally before its halving occurs. Those rallies topped within the 61.8%-78.6% fibonacci retracement area,” part of commentary noted at the time.

Consensus grows on Bitcoin heading higher

Other BTC price predictions give similar targets before the halving.

Related: Bitcoin institutional inflows top $1B in 2023 amid BTC supply squeeze

Filbfilb, co-founder of trading suite DecenTrader, continues to give an area around $46,000 as “likely,” despite not discounting the probability of a BTC price dip between now and then.

What might happen after the halving, however, is a more bullish question for many, with forecasts including $130,000 or more by the end of 2025.

To the immediate downside, meanwhile, $30,900 has entered as a floor for Bitcoin’s next potential correction. A move lower to test liquidity, some argue, would be healthy, as well as a classic part of Bitcoin market uptrends.

BTC/USD currently trades at $36,500, per data from Cointelegraph Markets Pro and TradingView, having tracked sideways throughout the weekend.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.