Bitcoin's price chart is looking like it did just weeks after the 2016 halving, as it hovers around a local bottom, according to some cryptocurrency traders.
Bitcoin ( $BTC ) is replicating the same path it followed after the Bitcoin halving event in 2016, while one indicator indicates that it may be close to its local bottom and another indicates that it will reach the $350,000 during “the peak” of this cycle, according to some cryptocurrency traders.
“Bitcoin has perfectly repeated the story of 2016, offering a bearish wick below the bottom of its current reaccumulation range within a three-week window after the Halving,” stated the cryptocurrency trader whose pseudonym is Rekt Capital in a post from May 11 in X.
Rekt indicates that the reaccumulation range at this point in the cycle is any price below $61,081, which Bitcoin is currently trading below that value at $60,901, according to data from CoinMarketCap.
Furthermore, Rekt highlighted that Bitcoin is currently in the "last pre-halving pullback" stage, which, once surpassed in 2016, experienced a 48% rally just six months later, on December 30, to $973.
However, the price drop from all-time high (ATH) chart, which measures the decline from Bitcoin's peak to its lowest point in a specific time frame, suggests a much more ambitious price, according to the founder and manager of investments from Cane Island Alternative Advisors, Timothy Peterson.
Referring to the chart, Peterson estimates that the current price of Bitcoin could increase almost six-fold by early 2025.
"Based on adoption and previous declines, we can estimate that the maximum value of this cycle would be between $175,000 and $350,000 in the next 9 months," he explained in a post published on May 11 on X.
"Based on history, we can say that this bull market will end in January 2025," Peterson added.
Meanwhile, the 100 daily moving average (a key technical indicator for predicting long-term Bitcoin price trends that is measured by adding up the last 100 days and dividing the total by 100) signals that Bitcoin price may be "hovering " your local fund, according to the cryptocurrency trader under the pseudonym Daan Crypto traders.
In a May 11 post, he emphasized the key zone by drawing parallels with a comparable formation seen after the approval of 11 spot Bitcoin exchange-traded funds (ETFs) in January. Just a month later, its price rose 32% to $51,730 on February 25.
"It will be support until it isn't, but the bulls have to put in some effort," he added.
Fuente: Cointelegraph
