Bitcoin’s price chart is similar to the one it took just weeks after the 2016 halving, and is now hovering near a local bottom, according to cryptocurrency traders.
Bitcoin
$60,881
According to cryptocurrency traders, Bitcoin is replicating the same path it took after the 2016 Bitcoin halving event, with one indicator suggesting that Bitcoin may be nearing its local bottom and another suggesting that Bitcoin reached $350,000 during the “peak” of this cycle.
Anonymous cryptocurrency trader Rekt Capital declared in a May 11 X post: “Bitcoin has perfectly repeated its 2016 history, with a downside candle below the bottom of its current re-accumulation range within three weeks of the halving.”
Rekt said the re-accumulation range at this point in the cycle is any price below $61,081 — Bitcoin is currently trading below $60,901, according to CoinMarketCap data. Source: Rekt Capital In addition, Rekt stressed that Bitcoin is currently in the “last pre-halving retracement” phase, which passed in 2016 and surged 48% to $973 just six months later, on December 30. However, according to the founder and investment manager of Cane Island Alternative Advisors, the decline in prices from the all-time high (ATH) chart (which measures the decline of Bitcoin from peak to bottom in a specific time frame) indicates that the price is more ambitious. Timothy Peterson.
Referencing the chart, Peterson estimates that Bitcoin’s current price could rise nearly sixfold by early 2025.
“Based on adoption and previous withdrawals, we can guess that the peak of the cycle will be between $175,000 and $350,000 over the next nine months,” he explained in a May 11 X post.
“Based on history, we can say that this bull run will end in January 2025,” Peterson added.
Meanwhile, the daily 100 moving average — a key technical indicator for predicting Bitcoin’s long-term price trend, measured by adding the past 100 days and dividing the total by 100 — suggests that Bitcoin’s price may be “hovering” around its local bottom. Anonymous cryptocurrency trader Daan Crypto Trader.
In a May 11 post, they highlighted the key area by comparing it to a similar structure seen after the approval of 11 spot Bitcoin exchange-traded funds (ETFs) in January. Just one month later, its price rose 32% to $51,730 on February 25.
“Support until there is none, but it will take some effort for the bulls,” they added.
Glassnode co-founders foresee significant crypto market uptrend. Comparing to 2021 correction, they predict ~350% surge using proprietary index and Fibonacci levels. Bitcoin halving's impact remains a question.
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