The well-known cryptocurrency analyst, Titan of Crypto, who gained fame in the cryptocurrency sector for accurately predicting the prices of altcoins and Bitcoin’s recovery in 2023, has stated that the price of the largest cryptocurrency in the market will move out of its consolidation phase between $25,000 and $30,000.
According to his technical analysis, he believes that Bitcoin can reach the $50,000 mark before the next halving, which will halve the number of BTC paid to miners.
The first Bitcoin halving occurred in 2012, reducing the miner’s reward from 50 BTC to 25 BTC per mined block. In 2016, the second halving took place, further reducing the reward to 12.5 BTC. The third halving happened in May 2020, lowering the reward to 6.25 BTC, and now it will be reduced to 3.125 BTC.
The analyst’s prediction is based on a long-term graphical analysis of Bitcoin’s price. He uses colored boxes to represent different market phases: green for the bull market, red for the bear market, and blue for the recovery phase.
According to his analysis, during the recovery phase, Bitcoin tends to retracement up to the 78.6% Fibonacci retracement level, which is considered a key support and resistance level.
“The 78.6% Fibonacci level is at $50,000. Therefore, before the halving, we will reach $50,000 per BTC,” he said.
The analyst is predicting this Bitcoin surge even without the approval of a Bitcoin Spot ETF. Bitcoin ETFs, which allow investors to trade the cryptocurrency on traditional markets, have been a topic of discussion in recent years and have the potential to drive BTC prices to new all-time highs.
Bitcoin futures ETFs were approved in 2017, but spot ETFs are still awaiting approval from the U.S. Securities and Exchange Commission (SEC), which analysts expect to approve current applications in the first quarter of next year.