Bitcoin Repeats ‘2016 History Perfectly’ Amid $350,000 Price Prediction — Traders

According to cryptocurrency traders, Bitcoin (BTC) is replicating the same path it took after the Bitcoin halving in 2016, with one indicator showing it approaching local lows and another showing it reaching 350,000 during the “peak” of this cycle. Indicates that the dollar has been reached.

Anonymous cryptocurrency trader Rekt Capital posted on “He declared.

Rekt indicates that the re-accumulation range is for prices below $61,081 at this point in the cycle. Bitcoin is currently trading below $60,901, according to CoinMarketCap data.

Rekt also highlighted that Bitcoin is currently in the “retracement before the last halving” phase, having surged 48% to $973 on December 30, just six months after passing it in 2016.

But the price drop on the All-Time Highs (ATH) chart, which measures Bitcoin’s decline from peak to trough over a specific period of time, suggests a much more ambitious price, according to the founder and investment manager of Cane Island Alternative Advisors. Timothy Peterson.

Referring to the chart, Peterson estimates that Bitcoin’s current price could rise nearly six-fold by early 2025.

“Based on adoption and transfer declines, we can guess that the peak value of this cycle will be between $175,000 and $350,000 over the next nine months,” he explained in a May 11 post on X.

“Based on history, I would say this bull market will end in January 2025,” Peterson added.

Meanwhile, the daily 100 moving average, a key technical indicator for predicting the long-term Bitcoin price trend, measured by adding up the last 100 days and dividing the total by 100, suggests that Bitcoin price may be “hovering” a local bottom. It’s a signal. Pseudonym Cryptocurrency Trader Daan To Cryptocurrency Trader.

Related: The Bitcoin halving ‘danger zone’ is two days away and BTC price has retested $60,000.

In a May 11 post, they highlighted key areas by drawing parallels with similar formations that have emerged since the approval of 11 physical Bitcoin exchange-traded funds (ETFs) in January. Just one month later, on February 25, the price rose 32% to $51,730.

“Support them until they don’t, but the bulls need to put in some effort,” they added.

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This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.