Bitcoin (BTC) is repeating the same path it did after the Bitcoin halving event in 2017
Bitcoin (BTC) is repeating the same trajectory it did after the Bitcoin halving event in 2016, with one indicator suggesting it may be approaching its local bottom and another suggesting it reached $350,000 during the “peak” of this cycle, according to cryptocurrency traders.
“Bitcoin has perfectly repeated its 2016 history, providing a bearish wick below the bottom of the current reaccumulation range during a three-week window following the halving,” pseudonymous cryptocurrency trader React Capital declared in a May 11 post on X.
Rekt notes that the reaccumulation range at this point in the cycle is any price below $61,081 – which Bitcoin is currently trading below at $60,901, according to CoinMarketCap data.
Furthermore, Reckitt highlighted that Bitcoin is currently in a “last correction before the halving” phase, which, once passed in 2016, saw a 48% rally just six months later on December 30, to $973.
However, the price decline from the all-time high (ATH) chart — which measures the decline from Bitcoin’s peak to its lowest point over a specific time frame — indicates a more ambitious price, according to the founder and chief investment officer of Cane Island Alternative Advisors. Timothy Peterson.
Referring to the chart, Peterson estimates that the current price of Bitcoin could rise nearly six-fold by the beginning of 2025.
“Based on adoption and previous withdrawals, we can guess that the peak value for this cycle will be between $175,000 – $350,000 in the next nine months,” he explained in a May 11 post on X.
“Based on history, we can say that this bull market will end in January 2025,” Peterson added.
Meanwhile, the 100 daily moving average — a key technical indicator for predicting long-term Bitcoin price trends that is measured by summing the last 100 days and dividing the total by 100 — indicates that the Bitcoin price may be “hovering around” its local bottom, according to To the pseudonymous crypto trader Daan Crypto.
Related: There are only two days left in the “danger zone” for Bitcoin halving as BTC price retests $60,000.
In a post on May 11, they emphasized the key area by drawing parallels with a similar formation seen after the approval of 11 spot exchange-traded funds (ETFs) in January. After just one month, its price rose 32% to $51,730 on February 25.
“Support until it isn’t, but the bulls need to put in some work,” they added.
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This article does not contain investment advice or recommendations. Every investment and trading move involves risks, and readers should conduct their own research when making a decision.
