A meticulous analyst believes that Bitcoin (BTC) is preparing for steep rallies in a possible repetition of a market cycle that was observed about ten years ago.
Trader Ali Martinez tells Are 120,600 followers on the social media platform X that Bitcoin may follow in the footsteps of his 2015 market cycle.
If the similarities remain, Martinez thinks that Bitcoin is now able to launch a violent upward increase.
“Bitcoin shows striking similarities with the 2015-2018 cycle. Historically it was around this point when BTC became parabolic. ‘
Looking at the graph of the trader, it seems that he suggests that Bitcoin might be amid a final stage before he causes a large upward burst.
Although the trader is Bullish on BTC, he predicts that the next leg will probably bring Bitcoin to his market cycle top based on the Wyckoff method – an investment and trade strategy developed by stock trader Richard D. Wyckoff to mock market cyclus peaks and soils.
Martinez thinks That the incoming Bitcoin -Rally BTC could push to around $ 200,000 before holders systematically unload their coins.
“According to the Wyckoff method, Bitcoin BTC could approach his last leg before entering the distribution phase.”
Based on the Wyckoff method, the distribution phase is the final phase of a bullmarkt where investors discharge accumulated coins at high prices, so that the cycle of an active mark. It is also the prelude to a new bear market.
At the time of writing, Bitcoin acts for $ 101,853.
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Generated image: midjourney