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<p>While some speculate Bitcoin may have already peaked in 2023, one prominent analyst believes there is more upside ahead this year.</p>
<p>According to popular TradingView trader <a href="https://www.tradingview.com/chart/BTCUSDT/AzVyo85x-Bitcoin-Fibonacci-Analysis-Predicting-HUGE-Pump-Top/" target="_blank" rel="noopener noreferrer nofollow">FieryTrading’s recent analysis</a>, Bitcoin could still rally to $48,500 before its 2024 halving event based on historical market cycles.</p>
<p>They posted an interesting comparison between the 2019 pre-halving Bitcoin pump and the current market cycle.</p>
<p>In 2019, Bitcoin rallied from around $3,100 to $14,000 before the 2020 halving event. This pump took Bitcoin all the way to the 0.618 Fibonacci retracement level, which aligned with the 2019 yearly high.</p>
<p>FieryTrading notes that if we examine the current cycle, the 0.618 Fib retracement level is around $48,500 – coincidentally near the 2022 yearly high from March.</p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="464" src="https://captainaltcoin.com/wp-content/uploads/2023/11/image-291-1024x464.png" alt="" class="wp-image-375388" srcset="https://captainaltcoin.com/wp-content/uploads/2023/11/image-291-1024x464.png 1024w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-291-300x136.png 300w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-291-766x347.png 766w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-291-1536x696.png 1536w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-291-2048x928.png 2048w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-291-331x150.png 331w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-291-100x45.png 100w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-291-773x350.png 773w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-291-788x357.png 788w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-291.png 1417w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
<p>So could history repeat itself, with Bitcoin pumping to $48.5K in 2023 before the 2024 halving? As FieryTrading states, markets often rhyme from cycle to cycle. The symmetry is certainly interesting to observe.</p>
<p>Of course, relying solely on a Fibonacci extension carries risks. Still, the potential confluence between the 0.618 level, prior 2022 highs, and historic comparison to 2019, makes $48.5K a level to watch in the months ahead.</p>
<p>With Bitcoin already rallying in late 2022 and into 2023, from around $17k to over $37k, continued momentum could plausibly carry it to test the $48.5K zone later this year.</p>
<p>However, breaking such a heavy resistance level will certainly be a tough task. Bitcoin may very well peak lower, or face harsh rejections at lower levels like $45K.</p>
<p>Read also:</p>
<ul>
 <li><a href="https://captainaltcoin.com/altcoin-market-cap-gearing-up-for-14-rally-but-critical-support-retest-comes-first/" target="_blank" rel="noopener noreferrer nofollow">Altcoin Market Cap Gearing Up for 14% Rally, But Critical Support Retest Comes First</a></li>
 <li><a href="https://captainaltcoin.com/dogecoin-has-only-one-direction-from-here-as-price-confirms-crucial-breakout/" target="_blank" rel="noopener noreferrer nofollow">Dogecoin Has Only One Direction From Here as Price Confirms Crucial Breakout</a></li>
 <li><a href="https://captainaltcoin.com/investment-spike-in-vc-spectra-by-whales-prospects-for-thorchain-and-aptos/" target="_blank" rel="noopener noreferrer nofollow">Investment Spike in VC Spectra by Whales; Prospects for THORChain and Aptos</a></li>
</ul>
<p>But in this market, anything is possible. If buying pressure remains strong in 2023, a rally to tag the 0.618 before the halving should not be ruled out. Bitcoin has overcome far steeper odds before.</p>
<p>As always in crypto, expect high volatility ahead. But FieryTrading offers an insightful potential roadmap for where this pre-halving run could go next.</p>
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<p>The post <a href="https://captainaltcoin.com/bitcoin-btc-did-not-peak-in-2023-according-to-top-crypto-trader-heres-his-price-target/" rel="noopener noreferrer nofollow">Bitcoin (BTC) Did Not Peak in 2023 According to Top Crypto Trader – Here’s His Price Target</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Bitcoin (BTC) Did Not Peak in 2023 According to Top Crypto Trader – Here’s His Price Target

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