Bitcoin is on a familiar path, echoing its price movements from 2016, according to traders on TradingView. With a prediction of soaring to $350,000, the cryptocurrency is captivating investors’ attention once again. The repeated history is causing excitement and anticipation in the Market as Bitcoin continues to make waves.
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Bitcoin is following a similar path as it did after the 2016 Bitcoin halving event, according to crypto traders. One indicator suggests it may be nearing its local bottom, while another indicates it could reach $350,000 during “the peak” of this cycle.
A pseudonymous crypto trader, Rekt Capital, noted that Bitcoin has repeated the history of 2016 perfectly, with a downside wick below the bottom of its current re-accumulation range. The re-accumulation range at this point is any price below $61,081, and Bitcoin is currently trading just below that at $60,901.
Additionally, Rekt highlighted that Bitcoin is currently in the “last pre-halving retrace” stage. This stage in 2016 saw a 48% spike just six months later, reaching $973.
Founder and investment manager at Cane Island Alternative Advisors, Timothy Peterson, referenced a price drawdown chart from the all-time high (ATH) to suggest a much more ambitious price for Bitcoin. Peterson estimates that Bitcoin’s price may rise nearly sixfold by the beginning of 2025, with the peak of this cycle potentially reaching between $175,000 – $350,000 in the next 9 months.
Meanwhile, the daily 100 moving average indicates that Bitcoin’s price may be “hovering around” its local bottom. Pseudonymous crypto trader Daan Crypto traders drew parallels to a similar formation seen after the approval of 11 spot Bitcoin exchange-traded funds in January, which saw a 32% price increase a month later.
It is important to note that this article does not provide investment advice. Readers should conduct their own research before making any investment decisions.
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1. What is the prediction for Bitcoin’s price in 2021?
The prediction is for Bitcoin to reach $350,000 in price.
2. Why is Bitcoin being compared to its 2016 history?
Bitcoin’s current price movement is said to be resembling its 2016 history, which was followed by a major price surge.
3. Why are traders closely watching Bitcoin’s price movement?
Traders are closely watching Bitcoin’s price movement to make informed decisions about buying or selling the cryptocurrency.
4. What can we learn from Bitcoin’s history repeating in 2016?
The repeated history of Bitcoin in 2016 suggests that the cryptocurrency may experience a significant price increase in the near future.
5. Should investors consider buying Bitcoin now?
Investors should conduct their own research and consult with financial advisors before making any investment decisions, including buying Bitcoin at its current price.
Win Up To 93% Of Your Trades With The World’s #1 Most Profitable Trading Indicators
Win Up To 93% Of Your Trades With The World’s #1 Most Profitable Trading Indicators
