Bitcoin Mirrors 2016 Trend: Predicted to Near Local Bottom and Hit $350K Peak
Summary:
Bitcoin (BTC) appears to be following its post-2016 halving event path. Indicators reveal a possible approach to its local low point, while others predict its price could reach a high of $350,000 during this cycle's peak. Timothy Peterson of Cane Island Alternative Advisors suggests that Bitcoin's current price could fly nearly sixfold by early 2025. A key technical indicator highlights that Bitcoin might be close to its local bottom, which is similar to a pattern noted following the approval of 11 Bitcoin exchange-traded funds in January.
Bitcoin (BTC) appears to be closely mirroring its trajectory post the 2016 Bitcoin halving event. Some indicators suggest that it might be approaching its local low point, while others predict a possible reach to $350,000 during the height of this cycle, say cryptocurrency traders. Crypto trader Rekt Capital stated on his May 11 post on X that “Bitcoin has faultlessly mirrored the 2016 history, presenting a downside wick below the bottom of the current re-accumulation range within three weeks following the Halving.” The current re-accumulation phase, as per Rekt, is any price beneath $61,081. Currently, Bitcoin is trading lower than that at $60,901, as per CoinMarketCap data.
Timothy Peterson, founder and investment manager at Cane Island Alternative Advisors, references the price drawdown from the all-time high (ATH) chart to suggest that Bitcoin's current price could potentially increase almost six times by the start of 2025. He elaborated in his May 11 post on X that “Considering adoption rate and previous drawdowns, we can estimate that the apex value of this cycle could fall between $175,000 and $350,000 in the forthcoming 9 months.” Peterson further stated that, based on past trends, this bull market will conclude in January 2025.
In addition, the daily 100 moving average, a significant indicator of long-term Bitcoin prices which takes into account the past 100 days’ values and calculates the average, suggests that Bitcoin’s price might currently be floating around its local low point, as per crypto trader Daan. This is supported by his May 11 post where he highlighted a similar pattern noticed after the go-ahead for 11 spot Bitcoin exchange-traded funds (ETF) in January. Following this approval, its price increased by 32% to $51,730 within a month, reaching this high by Feb. 25.
"Until it isn't, support will hold, but bulls need to buckle down now," he concluded.
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Published At
5/12/2024 5:30:35 AM
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