Bitcoin’s Perfect Repeat: Traders Predict $350k Price
Bitcoin (BTC) seems to be following a similar trajectory as it did after the 2016 Bitcoin halving event, according to crypto traders. One indicator suggests that it may be nearing its local bottom, while another predicts that it could reach $350,000 during the peak of this cycle.
A pseudonymous crypto trader known as Rekt Capital stated that Bitcoin has been repeating the same pattern as in 2016. After the halving event, there was a drop below the bottom of the re-accumulation range within a three-week period. Currently, the re-accumulation range is considered to be any price below $61,081, and Bitcoin is currently trading slightly below that at $60,901.
Timothy Peterson, founder and investment manager at Cane Island Alternative Advisors, analyzed the price drawdown from the all-time high (ATH) chart. This measures the decline from Bitcoin’s peak to its lowest point over a specific time frame. Peterson believes this indicator suggests that Bitcoin’s price could increase nearly sixfold by the beginning of 2025. He estimated that the peak value of this cycle could be between $175,000 – $350,000 in the next 9 months. Peterson also noted that based on historical trends, this bull market may end in January 2025.
The daily 100 moving average, a key technical indicator for predicting long-term Bitcoin price trends, hints that Bitcoin may be hovering around its local bottom. This moving average is calculated by adding up the past 100 days of Bitcoin’s prices and dividing the total by 100. Daan Crypto traders, another pseudonymous trader, drew parallels to a similar formation seen after the approval of 11 spot Bitcoin exchange-traded funds (ETF) in January. In just a month, the price of Bitcoin rose by 32% to $51,730 on February 25.
It is important to note that while these indicators and predictions provide insight into the potential future price movement of Bitcoin, they are not guarantees. Crypto traders emphasize that further analysis and confirmation are needed to validate these signals. Bulls, or those expecting the price to increase, must put in the work to support their position. The market is constantly evolving, and fluctuations can happen at any time.
11 thoughts on “Bitcoin’s Perfect Repeat: Traders Predict $350k Price”
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The formation after the approval of Bitcoin ETFs is a great reference point for potential price increases. I’m hopeful for a similar trend!
The potential for Bitcoin to increase nearly sixfold by 2025 is incredible! I’m hopeful for a prosperous future!
Will there ever be a reliable indicator for Bitcoin’s price? It seems like everyone is just making guesses.
The crypto market is full of surprises, and I can’t wait to see what the future holds for Bitcoin!
Why do crypto traders always act like they know everything? Their predictions are all over the place. It’s just noise!
It’s crucial to remember that these predictions are not guarantees, but they can still provide valuable insights for traders. 📊💡
Is it just me or does this article feel like it’s trying to convince us to invest in Bitcoin? I’m not falling for it!
I’m keeping an eye on the re-accumulation range. It’s fascinating to see how Bitcoin behaves within certain price ranges. 🔄💹
The potential sixfold increase in Bitcoin’s price by 2025 is mind-boggling! 😱📈 I’m excited to see if this prediction comes true!
The ever-evolving market keeps us on our toes, but it’s also full of opportunities! Let’s stay optimistic and navigate the fluctuations with care!
The indicators are looking positive for Bitcoin’s future growth! I’m feeling optimistic about the months ahead!