InvestorCrypto.net - Bitcoin is following a similar path as it did after the 2016 Bitcoin halving event, with one indicator suggesting it may be approaching its local low point and another indicator indicating that it could reach $350,000 during this cycle's "peak," according to crypto traders.
"Bitcoin has perfectly echoed the history of 2016, offering a downside tail below the current accumulation range three weeks after the Halving," crypto trader Rekt Capital stated in a post on May 11th on X.
Rekt pointed out that the accumulation range at this point in the cycle is below $61,081, which Bitcoin BTC is currently trading below at $60,901, according to CoinMarketCap data.
Furthermore, Rekt highlighted that Bitcoin is currently in the "final pre-halving retrace" phase, which, after passing in 2016, saw a surge of 48% just six months later on December 30th, reaching $973.
However, the price drop from the all-time high (ATH) chart - measuring the decline from the peak of Bitcoin to its lowest point over a specific period - indicates much more ambitious prices, according to Cane Island Alternative Advisors founder and investment manager Timothy Peterson.
Referring to the chart, Peterson estimates that the current price of Bitcoin may nearly sixfold by early 2025.
"Based on previous adoption and withdrawal, we can estimate that the peak value of this cycle will range between $175,000 - $350,000 in the next 9 months," he explained in a post on May 11th on X. "Based on history, we can say that this bull market will end in January 2025," Peterson added.
Meanwhile, the 100-day moving average - a key technical indicator for predicting long-term Bitcoin price trends measured by summing the last 100 days and dividing by 100 - indicates that the Bitcoin price may be "moving around" its local low point, according to crypto trader Daan Crypto.
In a post on May 11th, they emphasized the key zone by drawing parallels with a similar formation seen after the approval of 11 funds trading on the Bitcoin exchange in January. Just a month later, the price rose by 32% to $51,730 on February 25th.
Overall, it appears that Bitcoin is poised for significant growth in the coming years, with various indicators suggesting both short-term fluctuations and long-term potential for substantial gains. Investors and traders alike should keep a close eye on these indicators to make informed decisions about their Bitcoin investments.
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