Bitcoin to Hit $138,000 in Current Cycle, Says Crypto Analyst
The BTC price holds above $90,000 again, and a $100,000 Bitcoin appears to be within reach in the near term. But could it go even higher? Crypto analyst Ali Martinez has suggested that the answer could be yes, but only after a powerful downturn.
Martinez suggests that Bitcoin may rise to as much as $138,000 in this cycle and then tank by 30%. His thoughts, posted on November 19 through X, effectively compare the current and past BTC bull market trends.
Riding the Waves of Bitcoin History
Bitcoin loves a good pattern. Martinez submits that during the 2017 bull run, BTC amplified by 156%, the earlier all-time high, before crashing by 39%. In 2020, it saw a similar story: a 121% rally followed by a 32% decline.
This time, they again proved they were right, and history repeats itself. Bitcoin surpassed its previous high the other day and has accumulated in the region this week. According to Martinez, the next trajectory could be an upswell, or maybe an even higher $138,000, before a consolidation occurs.
If history repeats, $BTC could reach at least $138,000 before experiencing the first major pullback, Martinez noted.
This bullish case is supported by more than historical trends. On-chain data adds another layer of excitement. CryptoQuant recently flagged a rare golden cross in Bitcoins Puell Multiple, a metric that measures miner profitability across market cycles.
This crossover, where the Puell Multiple moves above its 365-day average, has only happened three times in the past five years. Each time, it signaled massive price rallies for Bitcoin. Could we see a repeat? If history is any guide, the answer is a resounding yes.
External Tailwinds: Trump and Institutions
Apart from the charts, outside influences are making Bitcoin the extra push at the moment. Crypto markets are awash with excitement after the re-election of former President Donald Trump, who has a pro-crypto stance.
Donald Trump has been hosting meetings with crypto industry representatives, including Coinbases founder, Brian Armstrong, to brainstorm.
Lack of regulatory uncertainty and Trumps support for digital assets mainly drive institutional participation. This increasing pace may serve as a positive driving force or momentum that carries Bitcoin to its next major phase.
Still, its not all smooth sailing. Bitcoins Relative Strength Index (RSI) is flashing overbought signals, currently at 74.26. Thats a clear warning sign that a pullback could be around the corner.
If BTC fails to hold above the critical $90,000 level, the price might slip further, potentially undoing some of its recent gains. However, a push to $100,000or even $138,000could be within reach if Bitcoin holds steady.
Read more: https://zycrypto.com/bitcoin-to-hit-138000-in-current-cycle-says-crypto-analyst/
Text source: ZyCrypto
