Bitcoin (BTC) is repeating the same trajectory as it did after the event when bitcoin halved in 2016. According to crypto traders, one indicator suggests that a localized bottom is near, while another suggests that the rate could reach $350,000 during the "peak" of this cycle.
Bitcoin is perfectly repeating the story of 2016, offering a wick below the lower boundary of the current rebuild range during the three-week post-halving window," pseudonymous crypto trader Rekt Capital said in a post on X's website on May 11.
According to CoinMarketCap, the re-halving range for this cycle is prices below $61,081, and #bitcoin is currently trading below $BTC In addition, Mr. Recht emphasized that bitcoin is currently in the "last pullback before halving" phase it went through in 2016, which saw a 48 percent jump to $973 on Dec. 30 after just six months.
However, according to Timothy Peterson, founder and investment manager at Cane Island Alternative Advisors, the "all-time high (ATH) to low decline chart," which measures bitcoin's drop from peak to low over a period of time, suggests a more ambitious price. He said.
Referring to this chart, Mr. Peterson believes the current bitcoin price could rise nearly six times by early 2025.
'Based on history and historical drawdowns, we can estimate that this cycle will peak between $175,000 and $350,000 in the next nine months,' he explained in a post on X's website on May 11.
'Based on history, we can say that this bull market will end in January 2025,' Peterson added.
Meanwhile, a key technical indicator for predicting the long-term trend of the bitcoin price - the 100-day moving average (measured by summing the last 100 days and dividing the total by 100) - according to pseudonymous crypto trader Daan Crypto, showed that the bitcoin price is "hanging around a localized level. " This suggests that it may be "hovering" around the bottom.
In a May 11 post, they highlighted a key zone, drawing parallels to a similar formation seen following the approval of 11 spot bitcoin exchange-traded funds (ETFs) in January.
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