Bitcoin is currently moving in a downtrend similar to the trajectory after the 2016 halving.
By analyzing the charts, experts have determined that the cryptocurrency is close to reaching a local bottom, after which it is expected to surge to $350,000 at the top of this cycle, according to Cointelegraph.
In a tweet on X, crypto trader Rekt Capital cites chart analysis data, highlighting that Bitcoin has repeated the situation of 2016, briefly crossing the lower boundary of its current accumulation range during the three-week post-halving period.
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Rekt Capital noted that the re-accumulation range at this point in the cycle corresponds to any price below $61,081.
According to CoinGecko, BTC has fallen to a low of $60,531.88 over the past 24 hours, and at the time of writing, the major cryptocurrency is trading around $61,004.
This decline in the market is closely linked to statements from Federal Reserve spokesperson Michelle Bowman that interest rate cuts are not seen as necessary this year. Such statements have added a note of caution to the market and lowered expectations for looser monetary policy, so investors are keeping a close eye on further economic updates to gauge potential changes in the Fed's strategy that could affect Bitcoin market dynamics in the coming months.
Rekt Capital also believes that Bitcoin is now in the "final recovery phase before the next halving," which in 2016 resulted in a 48% price increase six months after the halving.
Timothy Peterson, founder and investment manager of Cane Island Alternative Advisors, made an even more ambitious prediction. Based on Bitcoin's historical performance and adoption trends, he believes the major cryptocurrency could peak between $175,000 and $350,000 in the next nine months.
"Based on historical data, we expect this bull market to end around January 2025, and the price will have risen 6x by then," Peterson added in his analysis at X.
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Daan Crypto Trades is also confident that the 100-day moving average, the most important technical indicator of an asset's long-term price trends, indicates that the price may fluctuate near its local minimum. This observation is consistent with the pattern observed after the launch of 11 spot Bitcoin ETFs in January, which resulted in a 32% jump in the price of Bitcoin by February 25.
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Prominent global analysts are keeping a close eye on the $60,000 level, drawing parallels to previous market cycles that point to the potential for a significant upward move if historical patterns repeat themselves.
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