Bitcoin seems to be tracing a similar trajectory as it did after the 2016 Bitcoin halving event, according to cryptocurrency traders, with indicators suggesting potential for both a local bottom and a significant price surge to $350,000 during the peak of this cycle.
Crypto trader Rekt Capital noted the striking resemblance to Bitcoin’s 2016 history, particularly emphasizing a downside wick below the bottom of its current re-accumulation range within a three-week window after the Halving event. As per Rekt’s analysis, the reaccumulation range at this stage of the cycle encompasses any price below $61,081, with Bitcoin currently trading at a slightly higher price.
Additionally, Rekt highlighted that Bitcoin is presently in the “last pre-halving retrace” stage, reminiscent of the period in 2016, which saw a 48% spike just six months later, soaring to $973.
On the other hand, Timothy Peterson, the founder and investment manager at Cane Island Alternative Advisors, drew attention to the price drawdown from the all-time high (ATH) chart, indicating a more ambitious price projection. Peterson estimates Bitcoin’s current price could surge nearly sixfold by the beginning of 2025, ranging between $175,000 and $350,000, based on adoption rates and prior drawdowns.
Meanwhile, analyzing the daily 100 moving average—a critical technical indicator for predicting long-term Bitcoin price trends— crypto trader Daan Crypto traders suggested that Bitcoin’s price might be hovering around its local bottom. They drew parallels to a comparable formation seen after the approval of 11 spot Bitcoin exchange-traded funds in January, which preceded a 32% price surge to $51,730 within a month.
While these indicators offer insights into potential price movements, traders caution that support levels are subject to change and emphasize the importance of ongoing bullish activity to sustain upward momentum.
With Bitcoin navigating its post-halving trajectory, investors eagerly await further developments in anticipation of potential price surges and market trends.
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