Bitcoin's price chart is resembling that of just weeks after the 2016 halving as it hovers around a local bottom, according to crypto traders.
Bitcoin (BTC) is 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 reaching $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 11 post on X.
Rekt indicates that the re-accumulation range at this point of the cycle is any price below $61,081— which Bitcoin is currently trading below that at $60,901, according to CoinMarketCap data.
