Titan of Crypto made a compelling prediction about Bitcoin’s price trajectory, suggesting a potential resurgence to $48,700 before the next halving event. However, analysts question if these predictions can hold as the market grapples with a bearish undertone and decreasing open interest.
Cryptocurrency enthusiasts and investors have been keeping a keen eye on the ever-volatile Bitcoin market, and Titan of Crypto’s recent analysis added fuel to the fire. According to the analyst, Bitcoin could soar to $48,700 before the next halving event, a price level historically associated with this milestone. Titan of Crypto drew attention to the intriguing correlation between Bitcoin’s price history and Fibonacci retracement levels.
#Bitcoin $48,700 before Halving. 🚀🚀🚀
— Titan of Crypto (@Washigorira) September 23, 2023
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
He hinged on the 78.6% Fibonacci retracement level, a well-regarded indicator in the world of technical analysis. He noted that the price reached this level in previous Bitcoin cycles before each halving event. In the first cycle, it took four months, in the second cycle, it was two months, and in the third cycle, it extended to twelve months before the halving, with the next halving just seven months away.
However, despite these optimistic projections, the current Bitcoin market paints a different picture. Bitcoin’s price dipped below the crucial resistance level of $26,699, sparking investor concerns. Per CoinMarketCap, the BTC/USD cryptocurrency pair is changing hands at $26,565. The bearish sentiment intensified as $14 million worth of long positions were liquidated quickly when Bitcoin slipped from $27,000.
While the bearish wave appears formidable, on-chain metrics offer a glimmer of hope. Glassnode chart below revealed that the number of Bitcoin UTXOs (unspent transaction outputs) in profit has surged to a one-month high, totaling 124,578,285.643. This metric suggests that a significant portion of Bitcoin holders is currently profitable, reducing the selling incentive. This situation might potentially trap the bears, preventing a sharp downturn.
Nonetheless, traders remain cautious about entering new positions due to Bitcoin’s erratic price movements. Open interest (OI) for Bitcoin has allegedly plummeted by over $600 million in a single day, indicating a degree of uncertainty in the market.
