Here’s Why The Bitcoin Price Could Surge To $138,000 Before Recording A 30% Crash

by

As a seasoned researcher with a penchant for deciphering cryptocurrency trends, I find the recent predictions by analysts Ali Martinez and Kevin Capital particularly intriguing. Their insights into Bitcoin’s potential trajectory are reminiscent of my early days in this wild west of digital finance, where historical patterns often served as our compass amidst the chaos.

Bitcoin expert Ali Martinez shares his views on potential future price patterns for Bitcoin within the upcoming weeks. Notably, he forecasts Bitcoin may surge towards an impressive $138,000, only to subsequently dip by about 30%.

Why Bitcoin Could Rise To $138,000 And Crash After

In a recent post on X, Martinez suggested that Bitcoin’s price might initially spike up to $138,000 and then drop by 30%, based on past historical trends. He argued that during the 2017 and 2020 bull markets, Bitcoin experienced significant surges before a major correction set in – for instance, it soared 156% over its previous peak in 2017 before correcting by 39%, while it rose 124% during the 2020 run-up and then corrected by 32%.

According to Martinez’s forecast, if history repeats, Bitcoin could surge to around $138,000 before encountering a significant drop. After an intense rally following Donald Trump’s victory in the U.S. presidential elections, Bitcoin has seen a cooling-off period over the past few days. However, Martinez outlined the conditions necessary for Bitcoin to surpass $100,000 and potentially reach this predicted peak of $138,000.

According to recent analysis, for Bitcoin’s bullish outlook to prevail and potentially reach $100,680, it must first have a prolonged daily closing price above $91,900. This prediction was made as Martinez discussed the possibility of an upcoming price correction in Bitcoin. He highlighted that the current greed index level suggests a bearish trend for Bitcoin’s price because investors might be excessively overextending their positions, which could trigger a significant sell-off.

As a crypto investor, I’ve been closely following Ali Martinez’s analysis, and in his latest post, he suggested that we might see Bitcoin surpass $100,000 before a substantial correction. Now, he’s raised his target even higher to $150,000, predicting a potential breakout within the next day or two, followed by a 30% price adjustment.

Price Could Double From Previous ATH In Next Three Weeks

Bitcoin analyst Kevin Capital anticipates that the Bitcoin price could potentially be twice as much within the next three weeks. He explains that following every new all-time high (ATH) for Bitcoin, the cryptocurrency has historically entered a phase of price discovery, during which it doubles its value in four to six weeks. As we stand now, Bitcoin is approximately 45% to 50% from reaching this doubled price compared to its previous ATH of $73,000 and is currently in week three of this price discovery period.

As an analyst, I’ve observed that if Bitcoin’s price doesn’t surge by approximately 45% to 50% within the upcoming three weeks, it might be technically lagging behind previous market bull runs. However, it’s important to note that this is the first cycle where Bitcoin has already set a new All-Time High (ATH) before the halving event, which occurred earlier this year. This unique characteristic could potentially influence its future performance.

Currently, as I’m typing this, the value of Bitcoin is approximately $91,900 per coin. Over the past 24 hours, it has increased based on information obtained from CoinMarketCap.

Read More

2024-11-20 09:04