Bitcoin repeats '2016 history perfectly' amid $350K price prediction — Traders
Bitcoin's price chart is resembling that of just weeks after the 2016 halving as it hovers around a local bottom, according to crypto traders.
Bitcoin BTC $60,980 is replicating the same path as it did after the 2016 Bitcoin halving event, with one indicator signaling it may be nearing its local bottom and another indicating it reaches $350,000 during "the peak" of this cycle, according to crypto traders.
“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,” pseudonymous crypto trader Rekt Capital declared in a May 11 post on X.
Rekt indicates that the re-accumulation range at this point of the cycle is any price below $61,081— which Bitcoin is currently trading below that at $60,901, according to CoinMarketCap data.
Furthermore, Rekt highlighted Bitcoin is currently in the "last pre-halving retrace" stage, which, once it passed in 2016, saw a 48% spike just six months later on Dec. 30, to $973.
However, the price drawdown from the all-time high (ATH) chart — which measures the decline from Bitcoin's peak to its lowest point over a specific time frame — suggests a much more ambitious price, according to founder and investment manager at Cane Island Alternative Advisors Timothy Peterson.
Referencing the chart, Peterson estimates that Bitcoin's current price may rise nearly sixfold by the beginning of 2025.
“Based on adoption and prior drawdowns, we can guesstimate that the peak value of this cycle would be between $175,000 - $350,000 in the next 9 months,” he explained in a May 11 post on X.
“Based on history, we can say that this bull market will end in January 2025,” Peterson added.
