Bitcoin is reportedly following a similar trajectory to its post-2016 halving period, as it hovers around a local bottom. According to several crypto traders, this historical pattern suggests significant upcoming price movements.

A well-known trader, Rekt Capital, highlighted that Bitcoin’s price has mirrored its post-2016 halving behavior. “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 stated in a recent post on X. Currently, Bitcoin is trading below $61,081, the threshold for this re-accumulation phase, standing at $60,901 as per CoinMarketCap data.

The “Last Pre-Halving Retrace” Stage

Rekt Capital emphasized that Bitcoin is in the “last pre-halving retrace” stage. Historically, this stage led to a 48% price surge within six months in 2016. If this pattern holds, a significant price increase could be on the horizon.

Timothy Peterson, founder and investment manager at Cane Island Alternative Advisors, suggested that Bitcoin’s price could rise nearly sixfold by early 2025. He referenced historical price drawdowns and adoption rates to estimate a peak value between $175,000 and $350,000 in the next nine months. “Based on history, we can say that this bull market will end in January 2025,” Peterson projected.

Technical Indicators Support Optimism

Technical analysis also supports the idea that Bitcoin is nearing a local bottom. The daily 100 moving average, a key long-term price trend indicator, suggests that Bitcoin’s price is stabilizing. Another trader, Daan Crypto, drew parallels to a similar formation observed after the approval of 11 spot Bitcoin exchange-traded funds in January, which led to a 32% price increase within a month.

These insights indicate potential bullish trends for Bitcoin, mirroring historical patterns that led to significant price hikes. However, traders are advised to conduct their own research and consider the inherent risks involved in cryptocurrency investments.