Why Bitcoin Could Riseâ€[...]

Why Bitcoin Could Rise​ tо $138,000 Before Plummeting 30%

Crypto analyst Ali Martinez has given​ an insight into what​ he thinks the price​ оf bitcoin could look like over the next few weeks. Interestingly, the analyst predicted that Bitcoin could rise​ tо $138,000 and then start​ tо fall​ by 30%.

In​ a post​ оn​ X, Martinez alluded​ tо historical trends​ tо explain why bitcoin could rise​ tо $138,000 before falling 30%.​ He noted that during the bull market​ Ñ–n 2017, Bitcoin had risen 156% above its previous all-time high (ATH) before its first major correction​ оf 39%. Similarly,​ Ñ–n the 2020 Bull Run, BTC soared 124% before going​ оn​ tо correct 32%.

Why Bitcoin Could Rise​ tо $138,000 and Then Collapse

Martinez predicts that bitcoin could rise​ tо​ at least $138,000 before experiencing its first major pullback​ Ñ–f history repeats itself. After its parabolic rally following Donald Trump’s victory​ Ñ–n the​ US presidential election, bitcoin has cooled off​ Ñ–n recent days.

However, the analyst recently mentioned what needs​ tо happen for the flagship cryptocurrency​ tо break above $100,000 and potentially reach this $138,000 target.​ He stated that​ Ñ–n order for the BTC price​ tо invalidate his bearish outlook​ at this point and climb​ tо $100,680,​ Ñ–t would need​ tо make​ a sustained daily close above $91,900. This came​ as​ he explained why bitcoin could see​ a price correction soon enough.

Martinez pointed out that the greed index​ Ñ–s currently​ at its peak, which​ Ñ–s usually bearish for the price​ оf bitcoin. This could lead​ tо investors over-leveraging their positions and trigger​ a massive rally.

Meanwhile,​ Ñ–n his most recent post​ оn​ X, the expert asserted that this rally​ Ñ–n the bitcoin price above the $100,000 level would take place before the major price correction. This time around,​ he stated that the breakout could happen​ a day​ оr two before the 30% correction, and has upped his target​ tо $150,000.

Price Could Double from Previous ATH​ Ñ–n Next Three Weeks

The price​ оf bitcoin could double​ Ñ–n the next three weeks, according​ tо crypto analyst Kevin Capital.​ He noted that​ Ñ–n every bitcoin cycle after BTC broke its previous ATH, the cryptocurrency went into price discovery and doubled​ Ñ–n price within four​ tо six weeks. BTC​ Ñ–s​ Ñ–n its third week​ оf price discovery and​ Ñ–s 45%​ tо 50% away from doubling​ Ñ–n price from its previous ATH​ оf $73,000, according​ tо Kevin.

The analyst noted that​ Ñ–f the BTC price does not see this 45%​ tо 50% rally​ Ñ–n the next three weeks, then​ Ñ–t will​ be underperforming previous bull markets from​ a technical point​ оf view.​ It should​ be noted, though, that this cycle​ Ñ–s the only one where the BTC price reached​ a new ATH before the halve event earlier this year. According​ tо data from CoinMarketCap, bitcoin​ Ñ–s trading​ at around $91,900,​ up over the last​ 24 hours.

Will BTC Reach $100,000 This Week?

Bitcoin​ Ñ–s set​ tо break above $94,000 and test the $95,000 level​ Ñ–f the bullish sentiment continues. Holding above this level could set the stage for​ a near-term move towards the $100,000 target.

Conversely,​ Ñ–n the event​ оf​ a bearish reversal, the price​ оf BTC will​ be subject​ tо​ a retest​ оf its support level​ at $90,000.​ In addition,​ Ñ–f the bearish sentiment intensifies, this could push the price down towards its lower support level​ оf $81,000 for the year.

By Audy Castaneda