Bitcoin’s price chart resembles that of just weeks after the 2016 halving as it hovers around a local bottom, according to crypto traders.

Bitcoin’s price chart resembles that of just weeks after the 2016 halving as it hovers around a local bottom, according to crypto traders.

Bitcoinis replicating the same path as it did after the 2016 Bitcoin halving event, with one indicator signaling it may be nearing its local bottom and another indicating it could reach $350,000 during “the peak” of this cycle, according to crypto traders.

“Bitcoin has repeated 2016 history perfectly, offering a downside wick below the bottom of its current re-accumulation range within a three-week window after the Halving,” pseudonymous crypto trader Rekt Capital declared in a May 11post on X.

Rekt indicates that the reaccumulation range at this point of the cycle is any price below $61,081, which Bitcoin is currently trading below, at $60,901,accordingto CoinMarketCap data.

Furthermore, Rekt highlighted Bitcoin is currently in the “last pre-halving retrace” stage, which, once it passed in 2016, saw a 48% spike just six months later, on Dec. 30, to $973.

However, the price drawdown from the all-time high (ATH) chart — which measures the decline from Bitcoin’s peak to its lowest point over a specific time frame — suggests a much more ambitious price, according to the founder and investment manager at Cane Island Alternative Advisors Timothy Peterson.

Referencing the chart, Peterson estimates that Bitcoin’s current price may rise 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 11poston 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 measured by adding up the past 100 days and dividing the total by 100 — signals that Bitcoin’s price may be “hovering around” its local bottom, according to pseudonymous crypto trader Daan Crypto traders.

In a May 11post, they emphasized the key zone by drawing parallels to a comparable formation seen after the approval of 11 spot Bitcoin exchange-traded funds in January. Just a month later, its price rose by 32% to $51,730 on Feb. 25.

“Support until it isn’t, but bulls need to put in some work,” they added.