According to Rekt Capital, an anonymous cryptocurrency trader, Bitcoin has perfectly repeated the history of 2016, with a three-week period following the halving that saw a downside candlestick below the bottom of the current reaccumulation range. Rekt said the reaccumulation range at this point in the cycle is any price below $61,081.
Timothy Peterson, founder and investment manager of Cane Island Alternative Advisors, notes that the decline in price from an all-time high (ATH) chart (a measure of Bitcoin's decline from its peak to its lowest point over a specific time frame) as an indicator of Bitcoin's current price could increase nearly sixfold by early 2025. Based on adoption and previous withdrawals, we can guess that the cycle will peak between $175,000 and $350,000 over the next nine months.
Traders predict bitcoin price will reach $350,000
2024-05-12 02:42:57
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