Analyst Ali Martinez believes Bitcoin could commence the rally toward $150K within the next two days before a major correction.
Bitcoin has been in a holding pattern for the past few days with no significant price movements, unlike the sharp fluctuations seen in previous weeks.
Since Bitcoin’s peak of $93,500 on November 13, it has struggled to move higher. While it underwent a mild correction, dropping to $86,682, it has since rebounded to $92,600.
Over the past six days, Bitcoin has oscillated between $89K and $91K, with no major price changes. In this passive market, participants are both cautious and excited, anticipating either a significant dip or a sharp upward move.
Meanwhile, analysts like Ali Martinez are examining historical trends to forecast Bitcoin’s next possible movement.
History Suggests Bitcoin Could Reach $138K Before a Major Correction
In an update earlier today, Martinez pointed out that during the 2016/2017 bull season, Bitcoin surged 156% past its previous all-time high before the first major correction, which wiped out 39% of its value.
Similarly, he noted that in the 2020/2021 cycle, Bitcoin’s value grew by 121% before experiencing a 32% correction that erased some of those gains. Based on these observations, he suggested that Bitcoin could reach at least $138,000 before facing its first major pullback.
Bitcoin Bull Breakout Could Happen in Two Days with $150K Target
Meanwhile, in a follow-up post, Martinez stressed that Bitcoin is closely mirroring the pattern of the previous two bull cycles.
He previously noted that after Bitcoin reclaimed the $19,700 peak in the last season, it surged 26% before consolidating for a week. The consolidation was followed by a massive price jump to $40,000.
Remarkably, in the current case, Bitcoin has surged 26.7% above its March peak of $73,750 and has been consolidating for the past six days since hitting a new peak of $93,500.
Accordingly, Martinez believes that, if history is any guide, the market could see another breakout in the next day or two, with a target of around $150,000.
Potential Price Targets During Post-Bull Corrections
Notably, the $150K target aligns with the historical trend of Bitcoin often seeing gains of 100% or more after surpassing previous all-time highs before experiencing a major correction of around 30%.
If this scenario plays out, a correction could push Bitcoin back to $105K if it first claims the $150K target or to $96K if the peak is closer to $138K.
Meanwhile, Martinez has highlighted the $83K to $85K and $72K to $75K price ranges as potential areas of support in case the market flips from bullish to bearish.
Key support levels for #Bitcoin $BTC to watch:
⚪️ $83,250 – $85,800
🟢 $72,880 – $75,520 pic.twitter.com/kC1sJK9qVn— Ali (@ali_charts) November 12, 2024
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
