The notification that displays when a player prestiges for the first time.
Prestige
From the Hypixel Pit Wiki

Prestiging is an action that can be performed in order to progress past level 120. Upon reaching level 120, a player can visit the Prestige NPC and click the diamond in its menu. If the player has achieved level 120 and grinded enough gold during their prestige, the villager will allow the player to reset their level to 1 and continue earning XP. In addition to resetting the player's level, all of their gold, perks, upgrades, unlocked killstreaks, and all perishable items in their inventory will be removed. Items in the player's ender chest will be unharmed.

The first time a player prestiges, they gain access to the renown shop. Every prestige until XV unlocks new upgrades, killstreaks, or megastreak that can be bought with renown, a currency earned from major events.

Almost every prestige requires more XP than the previous one. When a player has not prestiged, going from level 1 to 120 requires 65,950 XP. The first prestige, I, requires 10% more than the previous one – 72,560 XP. A prestige XX player needs 1,187,100 XP to prestige – 18× more XP than a new player.

A demonstration of every prestige and level color.

Prestiges are displayed in Roman numerals when a player types in chat. Additionally, a player's prestige determines their bracket color. Every five prestiges, their bracket color changes. Starting at gray for non-prestiged players, the brackets change to blue for prestiges I to IV, then yellow (V to IX), orange (X to XIV), red (XV to XIX), purple (XX to XXIV), pink (XXV to XXIX), white (XXX to XXXIV), aqua (XXXV to XXXIX), dark blue (XL to XLIV), black (XLV to XLVII), dark red (XLVIII and XLIX), and dark gray (L).

PrestigeMultiplier[1]XP to Prestige[2]Total XP Needed[3]Gold to Next Prestige[4]
065,95065,95010,000
I1.1×72,560138,51020,000
II1.2×79,170217,68020,000
III1.3×85,750303,43020,000
IV1.4×92,330395,76030,000
V1.5×98,940494,70035,000
VI1.75×115,440610,14040,000
VII131,900742,04045,000
VIII2.5×164,890906,93050,000
IX197,8501,104,78060,000
X263,8001,368,58070,000
XI329,7501,698,33080,000
XII395,7002,094,03090,000
XIII461,6502,555,680100,000
XIV527,6003,083,280125,000
XV593,5503,676,830150,000
XVI10×659,5004,336,330175,000
XVII12×791,4005,127,730200,000
XVIII14×923,3006,051,030250,000
XIX16×1,055,2007,106,230300,000
XX18×1,187,1008,293,330350,000
XXI20×1,319,0009,612,330400,000
XXII24×1,582,80011,195,130500,000
XXIII28×1,846,60013,041,730600,000
XXIV32×2,110,40015,152,130700,000
XXV36×2,374,20017,526,330800,000
XXVI40×2,638,00020,164,330900,000
XXVII45×2,967,75023,132,0801,000,000
XXVIII50×3,297,50026,429,5801,000,000
XXIX75×4,946,25031,375,8301,000,000
XXX100×6,595,00037,970,8301,000,000
XXXI101×6,660,95044,631,7801,000,000
XXXII101×6,660,95051,292,7301,000,000
XXXIII101×6,660,95057,953,6801,000,000
XXXIV101×6,660,95064,614,6301,000,000
XXXV101×6,660,95071,275,5802,000,000
XXXVI200×13,190,00084,465,5802,000,000
XXXVII300×19,785,000104,250,5802,000,000
XXXVIII400×26,380,000130,630,5802,000,000
XXXIX500×32,975,000163,605,5802,000,000
XL750×49,462,500213,068,0802,000,000
XLI1,000×65,950,000279,018,0802,000,000
XLII1,250×82,437,500361,455,5802,000,000
XLIII1,500×98,925,000460,380,5802,000,000
XLIV1,750×115,412,500575,793,0802,000,000
XLV2,000×131,900,000707,693,0802,000,000
XLVI3,000×197,850,000905,543,0802,000,000
XLVII5,000×329,750,0001,235,293,0802,000,000
XLVIII10,000×659,500,0001,894,793,0802,000,000
XLIX50,000×3,297,500,0005,192,293,0802,000,000
L†100,000×6,595,000,00011,787,293,080N/A
[1]: How many times more XP the player needs to prestige compared to non-prestiged players.
[2]: How much XP the player needs to go from level 1 to 120 of that prestige.
[3]: The amount of XP the player will have once they reach level 120 of that prestige.
[4]: How much gold the player needs to have grinded in order to prestige.

Trivia

"Prestige" is often abbreviated as "p" in The Pit (e.g. "a p15" means "a player with prestige XV").

In the Prototype version of The Pit, players were unable to prestige. The maximum level was 100, requiring 1,000,000 XP (prestige IX today). This was changed in The Pit 0.2.

Prestiges XXXI to XXXV were added in a quick patch before the introduction of the Genesis map.

Prestiges XXXVI to L were added in The Pit 1.0.5, "purely for bragging rights and leaderboard."

There is a 2-hour cooldown on prestiging.