As a researcher with a background in cryptocurrencies and financial markets, I find the current parallels between Bitcoin’s price action after the 2016 halving event and the present day quite intriguing. The convergence of various indicators suggesting that we may be nearing a local bottom or even reaching prices as high as $350,000 during the peak of this cycle is noteworthy.
Bitcoin (BTC) is following a similar pattern as after the 2016 Bitcoin halving, with one indicator hinting at approaching its local minimum and another suggesting a potential peak price of $350,000 based on crypto market analysts’ predictions.
As a crypto investor, I’ve noticed an intriguing similarity between Bitcoin’s price action in 2016 and its current trend. Specifically, Bitcoin dipped below the lower boundary of its ongoing consolidation period within three weeks following the halving event. This pattern mirrors the price movement we witnessed back in 2016.
As a crypto investor, I would interpret “Rekt” as a signal that the current price of Bitcoin, sitting at $60,901 according to CoinMarketCap, falls within the range for potential buying during this stage of the market cycle. The re-accumulation range is defined as any price level below the previous all-time high of $61,081.
As a researcher studying the Bitcoin market, I’ve observed that Rekt has pointed out we are currently in the “last pre-halving correction” phase for Bitcoin. Historically, after experiencing this stage in 2016, there was a significant price surge of approximately 48% within six months, on December 30th, reaching a price of $973.
The decrease in Bitcoin’s price from its record high to its lowest point within a given time period, as depicted on the price chart, implies a significantly higher future value based on Timothy Peterson’s assessment, who is both the founder and investment manager at Cane Island Alternative Advisors.
Based on the data from the given indicator, I estimate that Bitcoin’s price could potentially increase almost sixfold by early 2025.
“According to past trends and current rates of adoption, it’s likely that the maximum value of this cycle will fall between $175,000 and $350,000 within the next nine months,” he stated in a May 11 post on X.
“Based on history, we can say that this bull market will end in January 2025,” Peterson added.
As a crypto investor, I keep a close eye on various technical indicators to gauge Bitcoin‘s price trends. One such indicator is the daily 100 moving average, calculated by adding up the past 100 days’ closing prices and dividing the sum by 100. Recently, this indicator has suggested that Bitcoin’s price might be “hanging around” its local minimum based on my observation as Daan Crypto trader.
In their post on May 11th, they highlighted the significance of a specific area by making connections to a similar configuration that emerged following the acceptance of 11 Bitcoin ETFs in early January. Approximately a month later, its value surged by 32%, reaching $51,730 on February 25th.
“Support until it isn’t, but bulls need to put in some work,” they added.
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2024-05-12 05:45