The Bitcoin (BTC) price seems to be on its way to breaking the price barrier of $350,000, at least that is what crypto analyst Rekt Capital predicts on social media. The widely followed cryptocurrency expert expects an explosive bull rally for the coin.

Comparison with the 2016 Bull rally

According to him, the price development of BTC shows great similarities with the bull rally of 2016. A repeat of the price development of eight years ago could lead to a price increase of almost 500%.

Rekt Capital points out that the BTC price underwent a brief correction in 2016 just before an explosive bull rally. The analyst sees a similar pattern in the recent price development.

In March, the BTC price reached an all-time high of $73,400, but since then the price has entered a downward trend and even briefly fell below $57,000. Just like in 2016, a correction is taking place after the Bitcoin Halving, which took place last April.

A Bitcoin price of $350,000?

If the BTC price follows the same price trend as in 2016, we can expect a rally of almost 500%. Currently, the price is just above $61,000, which means the BTC price could rise above $350,000. This amounts to a market value of almost $5 trillion for this popular cryptocurrency.

Such a rise would be a major milestone for the entire crypto market, which currently has a total value of $2.38 trillion.

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