Bitcoin maintains an optimistic path with a one-day appreciation of 1.17% to $91,626 at press time. A crypto analyst points to the historical data of the cryptocurrency and predicts that Bitcoin could rise as high as $138,000 before going through a period of correction.
Crypto analyst Ali highlighted Bitcoin’s performance in previous bull cycles. During the 2017 rally, Bitcoin surged 156% past its previous all-time high before a -39% correction. Similarly, in 2021, Bitcoin rose 121% before correcting by -32%. Ali’s analysis suggests that Bitcoin might follow a similar pattern in the current cycle, potentially reaching at least $138,000 before its first major pullback.
During the 2017 bull market, #Bitcoin surged 156% past its previous all-time high before the first major correction of -39%. In 2020, $BTC rose 121% before a -32% correction.
If history repeats, $BTC could reach at least $138,000 before experiencing the first major pullback. pic.twitter.com/eM3kLt6DA9
— Ali (@ali_charts) November 18, 2024
Technical analysis shows that Bitcoin is well placed to continue its surge forward. But, for Bitcoin to show the potential to rally as high as $138,000, it must close above the $91,000 mark in the following weeks. A sustained move above this level should develop enough momentum to continue with the current rally.
On-chain analytics firm CryptoQuant added further support for Bitcoin’s bullish outlook. Their analysis of the Short Term Holders SOPR indicator, combined with the 30-day moving average, revealed that short-term holders are taking moderate profits. CryptoQuant stated that the SOPR remains in the middle range, far from the “Extreme Greed” level. This suggests Bitcoin has room to grow before reaching a possible market top.
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At the time of writing, market capitalization was about $1.81 trillion, and the 24-hour trading volume was $76.63 billion, a 74.31% increase. This increase is likely due to steady trading volume as the desire for the cryptocurrency increases with the currency’s upward trend.
Bitcoin’s recent performance reflects strong bullish momentum, supported by historical trends, technical analysis, and on-chain data. If Bitcoin continues to maintain its position above key levels like $91,000, the stage could be set for a rally toward $138,000 before any significant correction.
