Bitcoin, the world’s leading cryptocurrency, is following a familiar pattern after the 2024 halving event. Crypto traders are closely keeping an eye on two key indicators that provide insights into its future price movements.
Repeating 2016 History:
- Pseudonymous crypto trader Rekt Capital notes that Bitcoin has replicated its 2016 history. After the Bitcoin halving event, there was a downside wick below the current re-accumulation range.
- The reaccumulation range during this cycle is any price below $61,081. Currently, Bitcoin is trading at $60,901.
- Rekt Capital also highlights the “last pre-halving retrace” stage, which in 2016 led to a 48% spike six months later.
Price Estimates:
- Timothy Peterson, founder and investment manager at Cane Island Alternative Advisors, analyses inflation from the all-time (ATH) chart.
- Peterson estimates that by early 2025, the value of Bitcoin could increase almost sixfold.
- Based on adoptions and historical documentation, he suggests a maximum price of $175,000 to $350,000 over the next 9 months.
- Peterson predicts the end of the bull market in February 2025.
Moving Average:
- The daily 100 moving average, a crucial technical indicator, hints that Bitcoin’s price is hovering around its local bottom.
- Pseudonymous crypto trader Daan Crypto traders draw parallels to a similar formation seen after the approval of 11 spot Bitcoin exchange-traded funds in January.
- In the past, such formations led to price increases, as seen when Bitcoin rose 32% to $51,730 a month later.
Summing Up-
Pseudonymous crypto trader Rekt Capital notes that Bitcoin has replicated its 2016 history. After the halving, there was a downside wick below the current re-accumulation range. The re-accumulation range during this cycle is any price below $61,081, and currently, Bitcoin is trading at $60,901.
Additionally, Timothy Peterson, founder and investment manager at Cane Island Alternative Advisors, estimates that Bitcoin’s price may rise nearly sixfold by early 2025. Based on adoption trends and historical drawdowns, he suggests a peak value between $175,000 and $350,000 within the next 9 months.
Peterson predicts that the bull market will end in January 2025. Technical indicators, such as the daily 100 moving average, also hint that Bitcoin’s price is hovering around its local bottom. Traders should closely monitor developments as Bitcoin continues its journey toward the next halving event and beyond.
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