According to cryptocurrency traders, Bitcoin is repeating the same path it took after the Bitcoin halving in 2016, with one indicator suggesting it could be nearing a local low and another showing it could hit $350,000 at the “highest point” of this cycle. Indicates that it can be reached.
Anonymous cryptocurrency trader Rekt Capital posted on “He declared.
Rekt said the re-accumulation range at this point in the cycle is prices below $61,081, according to CoinMarketCap data, indicating that Bitcoin (BTC) is currently trading below $60,901.
Moreover, Rekt emphasized that Bitcoin is currently in the “last pre-halving retracement” 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 Cane Island’s founder and investment manager. Substitute Advisor 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 in January. Just one month later, on February 25, the price rose 32% to $51,730.
“Apply until you 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.