Here’s Why The Bitcoin Price Could Surge To $138,000 Before Recording A 30% Crash
cryptocurrency analyst Ali Martinez Provides insights into Bitcoin price action in the coming weeks. Interestingly, analysts predict that Bitcoin could rebound to $138,000 before experiencing a 30% price plunge.
Why Bitcoin Could Rise to $138,000 Then Crash
In the X post, Martinez mentioned historical trends Explaining why Bitcoin price may first rise to $138,000 before plummeting 30%. He said that during the 2017 bull market, Bitcoin surged 156% to surpass the previous all-time high (ATH) before experiencing its first major correction of 39%. Likewise, BTC rallied 124% during the 2020 bull run before experiencing a 32% correction.
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Martinez predicted that if history repeats itself, Bitcoin price could rise to at least $138,000 before experiencing its first major correction. Bitcoin’s parabolic rise following Donald Trump’s victory in the US presidential election has cooled down over the past few days. However, analysts recently mentioned what needs to happen for the flagship cryptocurrency to break above $100,000 and potentially reach the $138,000 target.
Bitcoin price needs to achieve sustained stability, he says Daily close above $91,900 The current bearish outlook is invalidated and the price rebounds towards $100,680. He explains why Bitcoin could see a price correction soon. Martinez noted that the Greed Index is currently at its peak, which is generally negative for Bitcoin prices as investors may over-leverage their positions, leading to an influx of funds.
Meanwhile, Ali Martinez said in his recent X post that a Bitcoin price rally above $100,000 will occur before a significant price correction. This time, he improved his Goal is $150,000stating that a breakout may occur the day or two before a 30% price correction.
Prices could double from previous high in next three weeks
cryptocurrency analyst Kevin Capital It is predicted that the price of Bitcoin may double in the next three weeks. He noted that in every Bitcoin cycle after BTC breaks out of its previous ATH, the cryptocurrency enters a price discovery phase and doubles its price within four to six weeks. Kevin said that the price of BTC is still 45% to 50% away from doubling the previous high of $73,000, and is currently in its third week of price discovery.
Related reading: Dogecoin’s large transactions surged by 41%, and daily addresses increased by 35%. Will the price rise accordingly?
The analyst said that if BTC price does not record a 45% to 50% increase in the next three weeks, then it is technically underperforming previous bull market. However, it is worth mentioning that this cycle was the only one in which Bitcoin price reached a new ATH before the halving event that occurred earlier this year.
According to statistics, as of this writing, the price of Bitcoin has risen to around $91,900 in the past 24 hours. data From CoinMarketCap.
Featured image created using Dall.E, chart from Tradingview.com
