According to crypto traders, Bitcoin (BTC) is following the same trajectory as it did after the 2016 halving. One indicator signals Bitcoin may be nearing its local bottom, while another points to a potential $350,000 peak during this cycle’s high point.
“Bitcoin has repeated 2016 history perfectly, offering a downside wick below the bottom of its current re-accumulation range within a three-week window after the Halving,” stated the pseudonymous trader Rekt Capital on May 11th. Rekt defines the current re-accumulation range as any price below $61,081, which Bitcoin currently trades under at $60,901.
Additionally, Rekt highlighted that BTC is presently in the “last pre-halving retrace” stage. After passing this stage in 2016, Bitcoin saw a 48% spike six months later on December 30th, reaching $973.
Bitcoin Ambitious Upside Targets & Technical Patterns
According to Timothy Peterson, the founder and investment manager at Cane Island Alternative Advisors, interpreting the chart suggests that Bitcoin’s price might surge nearly six times its current value by early 2025. “Considering adoption rates and past downturns, our estimate indicates that this cycle’s pinnacle could range from $175,000 to $350,000 within the next nine months,” Peterson articulated on May 11th. He added, “Analyzing historical trends, it’s plausible to anticipate the conclusion of this bullish phase in January 2025.”
Meanwhile, the daily 100 moving average, a key technical indicator for predicting long-term Bitcoin price trends, signals that Bitcoin’s price may be “hovering around” its local bottom, according to the pseudonymous trader Daan Crypto Traders. In a May 11th post, they drew parallels to a comparable formation seen after the approval of 11 spot Bitcoin exchange-traded funds (ETF) in January, after which Bitcoin’s price rose by 32% to $51,730 on February 25th.
“Support until it isn’t, but bulls need to put in some work,” they added.
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Furthermore, the author’s views are for reference only and shall not constitute investment advice. Before purchasing, please ensure you fully understand and assess the products and associated risks.
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