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Crypto News – Unveiling the Secrets Behind Bitcoin Price Predictions

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Unveiling the Secrets Behind Bitcoin Price Predictions

Crypto News – Exploring the Connection Between Bitcoin Price Predictions’ Past and Present

Crypto News – Crypto traders claim that Bitcoin is following the same trajectory as it did during the 2016 Bitcoin halving event, with one indicator suggesting it may be approaching its local bottom and another suggesting it may hit $350,000 at “the peak” of this cycle.

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,

Rekt Capital

According to CoinMarketCap statistics, Bitcoin is currently trading below $61,081, which is the range that Rekt predicts the cycle’s reaccumulation range at this moment. Rekt also pointed out that Bitcoin is presently in the “last pre-halving retrace” stage, which it passed in 2016 and saw a 48% increase to $973 just six months later on December 30.

Some Analysts Think Bitcoin Will Hit $350,000

Cane Island Alternative Advisors’ founder and investment manager, Timothy Peterson, claims that the price drawdown from the all-time high (ATH) chart, which plots the drop from Bitcoin’s peak to its lowest position over a given time period, points to a far more ambitious price. Peterson predicts that by the start of 2025, the Bitcoin price, as it stands now, will increase by almost six times.

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. Based on history, we can say that this bull market will end in January 2025,

Peterson

FAQ

How Much will 1 Bitcoin be Worth in 2030?

A few specialists have made audacious predictions. For example, Cathie Wood thinks that when institutional investors adopt Bitcoin more widely, each coin may be worth $1 million by 2030.

Have Pre-Halving Retraces Happened Before?

Between 14 and 28 days prior to the actual halving event, Bitcoin has historically seen Pre-Halving Retraces. A 20% retrace in 2020 and a more significant 40% retrace in 2016 are two examples of the different depths of these retraces that have occurred.

What’s Bitcoin’s All-Time High Price?

Bitcoin hit an all-time high price of $73,750.07 on March 14, 2024.

For more up-to-date crypto news, you can follow Crypto Data Space.

Crypto News - Unveiling the Secrets Behind Bitcoin Price Predictions
Written by
lectertodd

Lectertodd is 25 years old. She graduated from Çankaya University, Department of Psychology, in 2021. She actively works as a writer, translator, and editor for various websites. Moreover, she loves reading, researching, and learning new things.

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