Bitcoin is following the same route as it did during the 2016 Bitcoin halving event, with one indication indicating it may be nearing its local bottom and another predicting it may hit $350,000 during “the peak” of current cycle, according to cryptocurrency 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,” said pseudonymous crypto trader Rekt Capital in a May 11 post on X. According to Rekt, the reaccumulation range at this stage in the cycle is any price lower than $61,081, which Bitcoin is presently trading at $60,901, according to data.
However, the price drop from the all-time high (ATH) chart, which measures the slide from Bitcoin’s peak to its lowest position over a specified time frame, shows a considerably higher price, according to Timothy Peterson, the founder and investment manager at Cane Island Alternative Advisors. Using the data, Peterson predicts that Bitcoin’s current price will 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 said in a May 11 post on X. “Based on history, we can say that this bull market will end in January 2025,” Peterson stated.
According to anonymous cryptocurrency trader Daan Crypto traders, Bitcoin’s price may be “hovering around” its local bottom as indicated by the daily 100 moving average, a crucial technical indicator for forecasting long-term price trends. The daily 100 moving average is calculated by adding up the previous 100 days and dividing the total by 100.They highlighted the important zone in a post dated May 11 by comparing it to a similar formation that was observed following the approval of eleven spot Bitcoin exchange-traded funds in January. Its price increased by 32% to $51,730 on February 25 just one month later. “Bulls need to put in some work, but support until it isn’t,” they continued.