Will Bitcoin Repeat The 2016 Scenario? What Is The Expected Price?

According to crypto traders, Bitcoin's price is in a situation quite similar to the levels a few weeks after the 2016 halving event.

According to crypto traders, Bitcoin is retracing the path it followed after the 2016 halving. Some data suggest that BTC's price is nearing local bottom levels, while other predictions suggest this rally could peak at $350,000.

Prominent analyst Rekt Capital stated on a social media platform on May 11, "Bitcoin, three weeks post-halving, is perfectly mirroring the dynamics of 2016, displaying candles with downturns at the lower bounds of the current accumulation range,"

Rekt points out that the accumulation area in this cycle is at levels below $61,081. According to CoinMarketCap, Bitcoin's current price is around $60,901.

Rekt Capital highlights that Bitcoin is experiencing a similar phase to the "pre-halving retracement" seen after the 2016 halving, reaching $973 on December 30 with a 48% increase.

Meanwhile, Timothy Peterson, founder and investment manager of Cane Island Alternative Advisors, emphasizes that the decline from the peak to the lowest point signals larger targets, compared to the withdrawal from the all-time high (ATH). Peterson predicts that Bitcoin's price could increase by about six times by early 2025.

In a post published on a social media platform on May 11, Peterson states, "Considering previous downturns and adoption rates, we estimate that the peak value of this cycle could range between $175,000 and $350,000 within the next 9 months," adding, "Based on historical data, we can say that this bull market will likely end in January 2025."

According to Daan Crypto traders, there are indications that Bitcoin is "navigating" around local lows, as suggested by the 100-day moving average.

In a post dated May 11, Daan pointed out a significant area, noting a similar occurrence following the approval of 11 spot Bitcoin exchange-traded funds (ETFs) in January. Just a month later, on February 25, BTC surged by 32%, reaching $51,730.

This article does not contain investment advice or recommendations. Every investment and trading operation involves risks, and readers should conduct their own research and take appropriate measures.

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