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Cryptographic analyzer Ali Martinez It provided insight into what Bitcoin’s price trajectory could look like in the coming weeks. Interestingly, the analyst predicted that Bitcoin would rise to $138,000 and then see a 30% price collapse.
Why could Bitcoin rise to $138,000 and then collapse?
In X’s post, Martinez alluded to Historical trends To explain why Bitcoin’s price first rose to $138,000 and then collapsed by 30%. He stated that during the 2017 bull market, Bitcoin rose 156% past its all-time high (ATH) before the first major 39% correction. Likewise, Bitcoin rose 124% in the 2020 uptrend before seeing a 32% correction.
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If history repeats itself, Martinez expects Bitcoin to rise to at least $138,000 before seeing its first major decline. Bitcoin has fallen in the past few days following a parabolic rally following Donald Trump’s victory in the US presidential election. However, the analyst recently mentioned what would need to happen for the flagship cryptocurrency to cross the $100,000 mark and possibly reach the $138,000 target.
He stated that the price of BTC needs to achieve sustainable stability Daily close above $91,900 To invalidate his bearish forecast for now and rise to $100,680. This came as he explained why Bitcoin could see a price correction soon enough. Martinez noted that the Greed Index is currently at its peak, which is usually bearish for the Bitcoin price as investors may overuse their positions, leading to a massive outflow.
Meanwhile, in his latest post on X, Ali Martinez noted that this Bitcoin price surge above $100,000 will occur before a major price correction. This time he raised his voice Target $150,000Pointing out that the breakthrough may occur in the next day or two before the price corrects by 30%.
The price could double from the previous ATH in the next three weeks
Cryptographic analyzer Kevin Capital Predict that the price of Bitcoin may double in the next three weeks. He noted that in every Bitcoin cycle after BTC broke the previous ATH, the cryptocurrency entered price discovery and doubled its price in four to six weeks. According to Kevin, Bitcoin is 45% to 50% away from doubling its price from the previous ATH of $73,000, and is in its third week of price discovery.
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The analyst stated that if the BTC price does not register this 45% to 50% rally in the next three weeks, it will technically underperform. Previous bull markets. However, it is worth noting that this is the only session in which Bitcoin price reached a new ATH before the halving event, which occurred earlier this year.
At the time of writing, Bitcoin is trading at around $91,900, rising over the past 24 hours, according to Data From Coin Market Cap.
Featured image created with Dall.E, chart from Tradingview.com