In-depth analysis by crypto expert Ali Martinez provides intriguing insights into Bitcoin’s possible price movements in the upcoming weeks. Martinez forecasts a potential Bitcoin surge to $138,000, followed by a significant 30% price correction.
Exploring the Possibility of a Bitcoin Surge to $138,000
In a detailed analysis shared on platform X, Martinez draws parallels from historical data to illustrate why Bitcoin might first peak at $138,000 before experiencing a notable 30% downturn. He highlights patterns from the 2017 bull market, where Bitcoin soared 156% past its previous all-time high (ATH) before encountering a 39% correction. Similarly, during the 2020 bull run, Bitcoin rallied 124% before a 32% correction ensued.
Historical Trends and Future Predictions
Martinez suggests that if historical trends repeat, Bitcoin could ascend to at least $138,000 before its first significant pullback. The cryptocurrency has recently cooled off following a parabolic rally triggered by Donald Trump’s victory in the US presidential elections. The analyst emphasized the need for Bitcoin to sustain a daily close above $91,900 to negate a bearish outlook and pave the way for a rally to $100,680.
Market Sentiment and Investor Behavior
Martinez pointed out that the current peak in the greed index might indicate a bearish trend for Bitcoin, as overleveraged investor positions could lead to a substantial market correction. Notably, in a recent update on X, he adjusted his target to $150,000, predicting this breakout could occur within a day or two before the anticipated 30% correction.
Bitcoin Price Could Double in the Coming Weeks
Another analyst, Kevin Capital, forecasts that Bitcoin’s price might double within the next three weeks. He notes that historically, in each Bitcoin cycle, after surpassing its previous ATH, the cryptocurrency enters a price discovery phase, doubling its price within four to six weeks. Currently, Bitcoin remains 45% to 50% shy of doubling its price from the previous ATH of $73,000, and it is now in the third week of price discovery.
Comparative Analysis of Bitcoin Cycles
Kevin Capital warns that failure to witness this 45% to 50% rally in the upcoming weeks could imply an underperformance compared to previous bull markets. However, it’s important to note that this cycle marks the first time Bitcoin has reached a new ATH before a halving event, which transpired earlier this year.
Current Market Status
As of this writing, Bitcoin is trading at approximately $91,900, experiencing an upward trend in the past 24 hours, as per CoinMarketCap data. The crypto market remains dynamic, and investors are keenly observing these developing trends.
