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Cryptographic analyst Ali Martinez has provided insight into what bitcoin's price trajectory could look like in the coming weeks. Interestingly, the analyst predicted that bitcoin could rise to $138,000 and then experience a 30% price drop.
Why bitcoin Could Rise to $138,000 and Crash Afterwards
In a publication <a target="_blank" href="https://bitcoinist.com/bitcoin–btc-historical-data-signals-october-bull-run-kick-off-analyst/” rel=”nofollow”>historical trends to explain why the price of bitcoin could first rise to $138,000 and then drop 30% afterwards. He stated that during the 2017 bull market, bitcoin rose 156% above its previous all-time high (ATH) before the first major correction of 39%. Similarly, btc rallied 124% in the 2020 bull run before witnessing a 32% correction.
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If history were to repeat itself, Martínez predicts that the price of bitcoin could rise to at least $138,000 before experiencing its first major pullback. bitcoin has cooled in recent days following its parabolic rally after Donald Trump won the US presidential election. However, the analyst recently mentioned what needed to happen for the flagship cryptocurrency to surpass $100,000 and possibly reach this $138,000 target.
He stated that the btc price must achieve a sustained level. <a target="_blank" href="https://bitcoinist.com/bitcoin-must-hold-support-to-retain-100000-dream/” rel=”nofollow”>daily close above $91,900 to invalidate its bearish outlook at the moment and rise to $100,680. This came as he explained why bitcoin could witness a price correction soon enough. Martinez noted that the greed index is currently at its peak, which is typically bearish for the price of bitcoin as investors could be over-leveraging their positions, causing a massive rally.
Meanwhile, in his most recent post on x, Ali Martínez indicated that this bitcoin price rally above $100,000 would occur before the major price correction. This time, he increased his $150,000 goalstating that the breakout could occur a day or two before the 30% price correction.
Price could double from previous ATH in the next three weeks
Cryptographic analyst Kevin Capital He predicted that the price of bitcoin could double in the next three weeks. He noted that in every bitcoin cycle after btc broke its previous ATH, the crypto went into price discovery and doubled its price in four to six weeks. According to Kevin, btc is 45% to 50% away from doubling its price from the previous ATH of $73,000 and is in the third week of price discovery.
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The analyst stated that if btc price does not record this 45% to 50% rally in the next three weeks, it is technically underperforming. <a target="_blank" href="https://bitcoinist.com/bitcoin-past-cycles-bull-market/” rel=”nofollow”>previous bull markets. However, it is worth mentioning that this cycle is the only one in which bitcoin price reached a new ATH before the halving event, which took place earlier this year.
At the time of writing, bitcoin price is trading at around $91,900, up in the last 24 hours, according to <a target="_blank" href="https://coinmarketcap.com/currencies/bitcoin/” rel=”nofollow”>data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
