Bitcoin Echoes 2016: Could BTC Price Hit $350,000 or Retrace Further?

Analysts see Bitcoin mirroring 2016 post-halving trend, suggesting a potential surge to $100,000 by year-end and a peak of $350,000 before a bear cycle.
Bitcoin Voice Of Crypto

Bitcoin Voice Of Crypto

Key Insights

  • Analysts are seeing similarities between Bitcoin's current price action and its behaviour after the 2016 halving event.

  • Bitcoin might be in a crucial reaccumulation phase where investors buy, with the expectation of a price increase.

  • Based on the 2016 post-halving trend, BTC reaching $100,000 by the end of 2024 seems possible.

  • Rekt Capital suggests the period of high price volatility after the halving might be ending, with Bitcoin consolidating around $60,000.

  • If Bitcoin follows the 2016 pattern, it could reach a peak of $350,000 before the next bear cycle.

According to recent analyst insights, Bitcoin might be headed for better days indeed.

Analysts have pointed out an impressive correlation between Bitcoin’s current price action and its behaviour from just weeks after the 2016 halving event.

As it turns out, Bitcoin just might be hovering around what could be a local bottom, and we might be living in one of the final days before takeoff.

The Re-Accumulation Phase

According to observations from crypto trader, Rekt Capital in a recent tweet, Bitcoin is currently in the middle of a reaccumulation range, just as it trades below the $60,901 range and attempts to climb further up from here.

According to Rekt Capital, this re-accumulation phase is set to be a critical one, considering how investors typically rake large amounts of Bitcoin in expectation of a price explosion.

 Rekt Capital pointed out that this reaccumulation stage also serves as the "last pre-halving retrace" stage, which bears striking resemblance to the post-halving price action from 2016.

<div class="paragraphs"><p>Bitcoin’s perfect repeat</p></div>

Bitcoin’s perfect repeat

Historically in 2016, this stage was marked by a substantial 48% spike that spanned the next six months and brought Bitcoin to a price of $973 by December 30th.

This means that something similar might be inbound for Bitcoin, and we might be seeing the $100,000 price target for 2024 after all.

The Post-Halving ‘Danger Zone’

Rekt Capital also drew attention to what he calls the “danger zone”.

According to the analyst, the danger zone refers to a time after the Bitcoin halving, in which the price of the cryptocurrency tends to become the most volatile, and prone to price drops.

Rekt Capital, so far, has been tracking the price of Bitcoin for years now and even predicted the downturn from April, when Bitcoin declined just as he said, and hit a two-month low of $56,500.

In a more recent tweet, Rekt Capital noted that the post-halving danger zone was ending, considering Bitcoin’s price action around the $60,000 mark.

<div class="paragraphs"><p>BITcoin’s $350,000 peak</p></div>

BITcoin’s $350,000 peak

Overall, Timothy Peterson, the founder and investment manager at Cane Island Alternative Advisors said in a recent tweet, that if Bitcoin continues to follow the path it took after the 2016 halving, it might eventually hit a cycle top of around $350,000 before the start of the next bear cycle.

In summary, Bitcoin seems to be headed for a spectacular week, considering its most recent break and consolidation above $61,000 according to data from CoinMarketCap.

Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

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