Bitcoin

when

Rekt

Bitcoin&nbsp;is replicating the same path as it did after the 2016 Bitcoin halving event, with one indicator signaling it may be nearing its local bottom and another indicating it could reach $350,000 during “the peak” of this cycle, according to crypto traders.
“Bitcoin has repeated 2016 history perfectly, offering a downside wick below the bottom of its current re-accumulation range within a three-week window after the Halving,” pseudonymous crypto trader Rekt Capital declared in a May 11 <a href="https://x.com/rektcapital/status/1789345116299145417" target="_blank" rel="noopener nofollow">post</a> on X.
Rekt indicates that the reaccumulation range at this point of the cycle is any price below $61,081, which Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>)&nbsp;is currently trading below, at $60,901, <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noopener nofollow">according</a> to CoinMarketCap data.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-05/c9a4642f-d121-462a-8688-29a2bdeb2f12.png" alt="" title="">
 <figcaption style="text-align: center;">
 Source: <a href="https://x.com/rektcapital/status/1789345116299145417" target="_blank" rel="noopener nofollow">Rekt Capital</a>
 </figcaption>
</figure>
Furthermore, Rekt highlighted Bitcoin is currently in the “last pre-halving retrace” stage, which, once it passed in 2016, saw a 48% spike just six months later, on Dec. 30, to $973.
However, the price drawdown from the all-time high (ATH) chart — which measures the decline from Bitcoin’s peak to its lowest point over a specific time frame — suggests a much more ambitious price, according to the founder and investment manager at Cane Island Alternative Advisors Timothy Peterson.
Referencing the chart, Peterson estimates that Bitcoin’s current price may rise nearly sixfold by the beginning of 2025.
“Based on adoption and prior drawdowns, we can guesstimate that the peak value of this cycle would be between $175,000 - $350,000 in the next 9 months,” he explained in a May 11 <a href="https://x.com/nsquaredvalue/status/1789312808091300024" target="_blank" rel="noopener nofollow">post</a> on X.
“Based on history, we can say that this bull market will end in January 2025,” Peterson added.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-05/35cda9d6-dc96-4e0a-a0b1-34de45e85ad5.png" alt="" title="">
 <figcaption style="text-align: center;">
 Source: <a href="https://x.com/nsquaredvalue/status/1789312808091300024" target="_blank" rel="noopener nofollow">Timothy Peterson</a>
 </figcaption>
</figure>
Meanwhile, the daily 100 moving average — a key technical indicator for predicting long-term Bitcoin price trends measured by adding up the past 100 days and dividing the total by 100 — signals that Bitcoin’s price may be “hovering around” its local bottom, according to pseudonymous crypto trader Daan Crypto traders.
Related: <a href="https://cointelegraph.com/news/bitcoin-halving-danger-zone-2-days-btc-price-retesting-60k">Bitcoin halving 'danger zone' has 2 days left with BTC price retesting $60K</a>
In a May 11 <a href="https://x.com/DaanCrypto/status/1789385236750753812" target="_blank" rel="noopener nofollow">post</a>, they emphasized the key zone by drawing parallels to a comparable formation seen after the approval of 11 spot Bitcoin exchange-traded funds in January. Just a month later, its price rose by 32% to $51,730 on Feb. 25.
“Support until it isn’t, but bulls need to put in some work,” they added.
Magazine: <a href="https://cointelegraph.com/magazine/crypto-market-makers-legit-dodgy-fake-it/">What do crypto market makers actually do? Liquidity, or manipulation</a>
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin repeats ‘2016 history perfectly’ amid $350K price prediction — Traders

Cointelegraph

Other articles published on May 12, 2024

Ripple on hunt for ‘light on your feet’ business manager that’s ‘flexible with time,’ but there’s...

DOGE Price Prediction: Will DOGE Crash Again to $0.10?

5 Best Free Virtual Credit Cards In 2024: Safeguard Transactions

Top 5 Meme Coins That Can Easily Make 20X-50X Gains in 2024

Ripple IPO on Horizon: KingXRP Forecasts Massive Price Gains

Donald Trump Takes a Pro-Crypto Stand, Slams Biden

Join our free newsletter for daily crypto updates!