HomeBitcoinBitcoin mirrors 2016 performance as it approaches $350K price forecast, say traders

Bitcoin mirrors 2016 performance as it approaches $350K price forecast, say traders

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Bitcoin (BTC) Replicating 2016 Path, Could Reach $350,000: Traders’ Analysis

Bitcoin (BTC) is following a familiar path after the 2016 Bitcoin halving event, with indicators suggesting it may be nearing its local bottom and potentially reaching $350,000 during “the peak” of this cycle, according to crypto traders.

According to pseudonymous crypto trader Rekt Capital, Bitcoin has mirrored the 2016 history perfectly, showing a downside wick below the bottom of its current re-accumulation range within a three-week window after the Halving. The re-accumulation range at this point of the cycle is any price below $61,081, with Bitcoin currently trading just below that at $60,901.

Additionally, Rekt highlighted that Bitcoin is currently in the “last pre-halving retrace” stage, which in 2016 saw a 48% spike just six months later. Meanwhile, founder and investment manager at Cane Island Alternative Advisors, Timothy Peterson, predicts that Bitcoin’s price could rise nearly sixfold by the beginning of 2025, estimating a peak value between $175,000 – $350,000 in the next 9 months.

On the technical side, the daily 100 moving average suggests that Bitcoin’s price may be hovering around its local bottom, according to pseudonymous crypto trader Daan Crypto traders. They drew parallels to a similar formation seen after the approval of 11 spot Bitcoin exchange-traded funds in January, which led to a 32% price increase just a month later.

While these indicators provide some insight into Bitcoin’s potential future price movements, it’s important to note that every investment and trading move involves risk. Readers are advised to conduct their own research before making any decisions in the volatile crypto market.

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