Trader: Bitcoin Repeats '2016 History Perfectly'

According to some crypto traders, Bitcoin's price chart looks like it did just weeks after the 2016 halving, when it hovered around a local bottom.

is repeating a similar path following the Bitcoin halving in 2016, while one indicator suggests it could be near a local bottom and another suggests it will reach $350,000 during the “peak” of the cycle hey, according to some traders from cryptocurrency.

“Bitcoin has perfectly repeated the story of 2016, posting a bearish wick below the bottom of the current accumulation range within three weeks of the halving,” said the pseudonymous crypto trader Rekt Capital said in a post from May 11 on X. .

Rekt points out that the range for consolidation at this point in the cycle is any price below $61,081, which Bitcoin is currently trading below at $60,901, according to data from CoinMarketCap.

Furthermore, Rekt emphasized that Bitcoin is currently in a “pullback before the final halving” phase, which was surpassed in 2016 and experienced a 48% rally just six months later, on December 30, to 973 USD.

However, according to the founder and investment manager from Cane Island, the price drop from its all-time high (ATH) chart — which measures the drop from Bitcoin's peak to its lowest over a timeframe specifically — suggesting a much more ambitious price. Alternate counsel, Timothy Peterson.

“Based on adoption and previous declines, we can estimate that the maximum value of this cycle will be between 175.000 to 350,000 USD 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 by January 2025,” Peterson added.