Bitcoin appears to be tracing a familiar trajectory reminiscent of its movements post the 2016 Bitcoin halving event, as indicated by certain metrics suggesting it may be approaching a local bottom and potentially surging to $350,000 at the peak of this cycle, according to insights from cryptocurrency traders.

Rekt Capital, a pseudonymous crypto trader, highlighted in a recent post on X that Bitcoin's current behavior mirrors that of 2016, noting a downside wick below the bottom of its re-accumulation range within a three-week window post-halving.

Expanding on this observation, Rekt Capital pointed out that the reaccumulation range during this phase of the cycle encompasses any price below $61,081, which Bitcoin currently trades below, resting at $60,901, as per CoinMarketCap data.

However, Timothy Peterson, the founder and investment manager at Cane Island Alternative Advisors, offered a contrasting perspective based on the price drawdown from the all-time high (ATH) chart. Peterson's analysis suggests a significantly more optimistic trajectory for Bitcoin, estimating a potential sixfold increase in its price by the beginning of 2025.

Citing adoption trends and historical data on drawdowns, Peterson projected a peak value for this cycle ranging between $175,000 and $350,000 within the next nine months, with the bullish market potentially culminating in January 2025.

On the technical front, the daily 100 moving average, a pivotal indicator for forecasting Bitcoin's long-term price trends by averaging the past 100 days, hints at Bitcoin's price nearing its local bottom. This observation was underscored by pseudonymous crypto trader Daan Crypto traders, who emphasized the significance of this zone by drawing parallels to previous formations seen after the approval of 11 spot Bitcoin exchange-traded funds in January.

Drawing from past experiences, they highlighted the need for sustained bullish momentum to validate the support levels, cautioning that while support persists, it's contingent on the efforts of the bulls to maintain the current trajectory.

In summary, the analysis presents a multi-faceted view of Bitcoin's current trajectory, incorporating historical parallels, technical indicators, and speculative projections to offer insights into the potential future movements of the cryptocurrency. As Bitcoin continues to navigate through this cycle, market participants will closely monitor these indicators for signals on its next major moves.

The Central Bank of Nigeria's (CBN) decision to exclude cryptocurrency entities from the banking system has inadvertently fueled the growth of peer-to-peer (P2P) cryptocurrency trading, according to stakeholders in Nigeria's blockchain and cryptocurrency sector. This move, driven by the CBN's perceived lack of understanding and refusal to acknowledge the cryptocurrency industry, has provided fertile ground for malicious actors to exploit P2P platforms for their nefarious activities.

Although the CBN's ban on cryptocurrency entities in February 2021 successfully hampered the operations of centralized exchanges, it paradoxically led to a surge in P2P cryptocurrency trading volumes. However, this surge soon raised concerns among various entities, including a money changers association, regarding the potential risks associated with P2P trading platforms.

The situation escalated in early 2024 when Nigerian authorities began to take action against P2P crypto trading platforms. Initially, authorities exerted pressure on exchanges to impose restrictions on the USDT-to-naira exchange rate. Subsequently, they instructed major platforms like Binance to delist the naira, further complicating the cryptocurrency landscape.

Nevertheless, some voices within the Nigerian government have raised apprehensions about the possibility of currency manipulators migrating to P2P platforms that have not yet delisted the naira. This apprehension reportedly prompted authorities to contemplate delisting the naira from all platforms, a move that has sparked concerns about its potential impact on legitimate businesses.

Amidst these developments, Adedeji Owonibi, co-founder of blockchain solutions company Convexity, criticized the CBN for inadvertently enabling bad actors to thrive within the P2P trading space. Despite this, he emphasized the importance of legitimate industry players assisting the government in identifying and exposing these bad actors to mitigate their impact on the sector.

However, there remains a sentiment among some stakeholders that the CBN's failure to recognize the efforts of P2P crypto trading platforms in combating bad actors has fueled its relentless crackdown on crypto entities. Chuta Chimezie, founder of the Blockchain Nigeria User Group (BNUG), expressed disappointment over the CBN's apparent lack of understanding of the crypto industry's dynamics and its failure to appreciate the positive contributions of legitimate P2P trading platforms.

In essence, the CBN's stance on cryptocurrency regulation and its handling of P2P trading platforms have stirred a complex interplay of regulatory measures, market dynamics, and stakeholder sentiments within Nigeria's cryptocurrency ecosystem. As the regulatory landscape continues to evolve, the industry awaits further developments that could shape the future of cryptocurrency adoption and trading in the country.

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