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Crypto analyst Ali Martinez has provided insight into what the Bitcoin 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 crash.
Why Bitcoin Could Rise to $138,000 and Then Crash
In an X-post, Martinez alluded to this historical trends to explain why the Bitcoin price could first rise to $138,000 and then crash by 30%. He stated that Bitcoin rose 156% above its previous all-time high (ATH) during the 2017 bull market, before the first major correction of 39%. Similarly, BTC rose 124% during the 2020 bull run before witnessing a 32% correction.
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If history were to repeat itself, Martinez predicts that the Bitcoin price 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 crypto to break above $100,000 and potentially reach this $138,000 target.
He stated that the BTC price must reach a sustainable rate daily close above $91,900 to negate 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 was currently at its peak, which is usually bearish for the Bitcoin price as investors could overload their positions, leading to a massive flush.
Meanwhile, Ali Martinez indicated in his most recent X-post that this Bitcoin price surge above $100,000 would occur before the significant price correction. This time he increased his goal at $150,000stating that the breakout could occur the next day or two before the 30% price correction.
The price could double from the previous ATH in the next three weeks
Crypto analyst Kevin Capital predicted that the Bitcoin price 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 week three 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 mentioning that this cycle is the only one in which the Bitcoin price has reached a new ATH before the halving event, which took place earlier this year.
At the time of writing, the Bitcoin price is trading around $91,900, up in the past 24 hours. facts from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
