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<ul> 
 <li>Historically, Bitcoin has always reached the 78.6% Fibonacci retracement level before a halving.</li> 
 <li>In the three previous cycles, this significant level was hit 4 months, 2 months, and 12 months before the halving respectively.</li> 
 <li>With the next halving just 7 months away, Bitcoin is forecasted to hit $48,700, aligning with this pattern.</li> 
</ul> 
<p>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.</p> 
<p>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.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> $48,700 before Halving. <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f680.png" alt="🚀" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f680.png" alt="🚀" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f680.png" alt="🚀" class="wp-smiley" style="height: 1em; max-height: 1em;"><br><br>You might want to bookmark this one.<br><br>Never in history the halving occurred without <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#BTC</a> reaching the 78.6% Fibonacci retracement level.<br><br><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/25fd.png" alt="◽" class="wp-smiley" style="height: 1em; max-height: 1em;"> 1st cycle, price reached it 4 months before halving.<br><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/25fd.png" alt="◽" class="wp-smiley" style="height: 1em; max-height: 1em;"> 2nd cycle, it was 2 months before.<br><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/25fd.png" alt="◽" class="wp-smiley" style="height: 1em; max-height: 1em;"> 3rd… <a href="https://t.co/9Qc5RCteG5" rel="noopener noreferrer nofollow">pic.twitter.com/9Qc5RCteG5</a></p>— Titan of Crypto (@Washigorira) <a href="https://twitter.com/Washigorira/status/1705522790688846096?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">September 23, 2023</a> 
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<p>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.</p> 
<p>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.</p> 
<p>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.</p> 
<p>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.</p> 
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<p>The post <a rel="noopener noreferrer nofollow" href="https://cryptonewsland.com/bitcoin-poised-to-hit-48700-ahead-of-next-halving/">Bitcoin Poised to Hit $48,700 Ahead of Next Halving? Historical Data Thinks So!</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://cryptonewsland.com">Crypto News Land</a>.</p>

Bitcoin Poised to Hit $48,700 Ahead of Next Halving? Historical Data Thinks So!

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