- 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.
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.
Read CRYPTONEWSLAND on
google news
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.
Recommended News :
disclaimer read moreCrypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
