According to Cointelegraph: Crypto traders argue that Bitcoin is retracing the same path from the aftermath of the 2016 Bitcoin halving event. Indicators hint at Bitcoin nearing its local bottom and also point towards a potential $350,000 peak during this cycle.
According to crypto trader, Rekt Capital, "Bitcoin has repeated 2016 history perfectly." In a May 11 post, Rekt stated that Bitcoin offered a downside wick below the bottom of its current re-accumulation range, within three weeks after the Halving.
The re-accumulation range at this cycle stage, according to Rekt, is any price below $61,081— and as per CoinMarketCap, Bitcoin currently sits below this at $60,901. Moreover, Bitcoin is in the "last pre-halving retrace" stage, which in 2016 saw a 48% spike just six months later.
However, Timothy Peterson, founder and investment manager at Cane Island Alternative Advisors, offers a much more bullish projection. He anticipates Bitcoin's current price may multiply sixfold by the start of 2025, suggesting a potential peak value of $175,000 - $350,000 in the next 9 months based on adoption and previous drawdowns.
Another crypto trader, Daan Crypto, mentioned that Bitcoin’s price might be “hovering around” its local bottom. He drew parallels to a similar formation seen after the approval of 11 spot Bitcoin ETFs in January that led to a 32% price rise just a month later. "Support until it isn't, but bulls need to put in some work," Daan added.
