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.
The 3EX contract trading competition will last until September 30, and the registration channel will be open until September 28. Any qualified trader will have the opportunity to join this global trading showdown.
JinseFinanceOn September 12, 2024, 3EX officially launched the registration for the Mid-Autumn Contract Trading Competition. The competition will be officially held from September 17 to September 30. Once the news was released, it quickly ignited the entire crypto market.
JinseFinanceThis article summarizes 35 "out" projects that have raised more than 5 million US dollars from last year to now. Among them, there are many projects that have been favored by well-known capitals or backed by giants, mainly involving NFT, DeFi, games and other tracks.
JinseFinanceSolana (SOL) surges 30% in a week, surpassing $135 amid bullish sentiment and influential endorsements. Technical analysis suggests further upside potential, with $200+ targets in sight. Bullish outlook prevails amidst crypto market resurgence.
Xu LinThe crypto exchanges are letting go of employees as a part of their cost-cutting measures.
BeincryptoAlgorand foundation has disclosed that it invested in embattled crypto lender Hodlnaut. The blockchain network had also invested in Three Arrows Capital.
OthersWhile many community members came in support of the prominent coder, Gabagool owned up to the allegations made against him following Velodrome’s investigation.
CointelegraphThree Arrows Capital (3AC) had been the largest crypto fund in the space before its eventual crash back in July. ...
BitcoinistSOL prices continued to climb, and Solana's TVL hit a new high of nearly $14 billion.
CointelegraphFor the next five years, trends tied to the global NFT boom continue to factor in the growing involvement of mainstream influencers, gaming communities and the rising demand for digital artworks.
Cointelegraph