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Mirroring its 2016 performance, Bitcoin may be on the verge of a significant rally, with predictions reaching as high as $350,000, according to leading crypto traders. This comes after a similar trajectory post-halving event.
Bitcoin Nears Historical Rebound, Traders Eye Potential $350K Peak
In a recent report by Cointelegraph, Bitcoin is following the same route as it did during the 2016 Bitcoin halving event, with one indication indicating it may be nearing its local bottom and another predicting it may hit $350,000 during "the peak" of the current cycle, according to cryptocurrency traders.
"Bitcoin has repeated 2016 history perfectly, offering a downside wick below the bottom of its current reaccumulation range within a three-week window after the Halving," pseudonymous crypto trader Rekt Capital declared in a May 11 post on X.
According to Rekt, the reaccumulation range at this stage in the cycle is any price below $61,081, which Bitcoin is presently trading at $60,901 (according to CoinMarketCap data).
Furthermore, Rekt stated that Bitcoin is currently in the "last pre-halving retrace" stage, which, once completed in 2016, resulted in a 48% increase just six months later, on December 30, to $973.
However, according to Timothy Peterson, the founder and investment manager at Cane Island Alternative Advisors, the price drop from the all-time high (ATH) chart, which measures the slide from Bitcoin's peak to its lowest position over a specified time frame, shows a considerably higher price.
Analysts Predict Bitcoin Price Surge to $350K by Early 2025 Amid Bullish Trends
Using the data, Peterson predicts that Bitcoin's current price will increase nearly sixfold by the beginning of 2025.
"Based on adoption and prior drawdowns, we can guesstimate that the peak value of this cycle would be between $175,000 - $350,000 in the next 9 months," he explained in a May 11 post on X.
"Based on history, we can say that this bull market will end in January 2025," Peterson added.
Meanwhile, the daily 100 moving average — a key technical indicator for predicting long-term Bitcoin price trends calculated by adding up the previous 100 days and dividing by 100 — suggests that Bitcoin's price may be "hovering around" its local bottom, according to pseudonymous crypto trader Daan.
In a May 11 post, they underscored the critical zone by drawing parallels to a similar pattern observed following the approval of 11 spot Bitcoin exchange-traded funds in January. Just a month later, on February 25, its price increased by 32% to $51,730.
"Support until it isn't, but bulls need to put in some work," they added.
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