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