Here’s Why The Bitcoin Price Could Surge To $138,000 Before Recording A 30% Crash

Scott Matherson

7 months ago

3 mins read

Bitcoin Current Decline Could Be Temporary—Key Signs of A Short tRally Revealed

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Crypto analyst Ali Martinez has provided insights into what the Bitcoin price trajectory could look like in the coming weeks. Interestingly, the analyst predicted that Bitcoin could rally to $138,000 and then experience a 30% price crash.

Why Bitcoin Could Rise To $138,000 And Crash After

In an X post, Martinez alluded to historical trends to explain why the Bitcoin price could rally first to $138,000 and then crash by 30% after. He stated that during the 2017 bull market, Bitcoin surged 156% past its previous all-time high (ATH) before the first major correction of 39%. Similarly, BTC rallied 124% in the 2020 bull run before it witnessed a 32% correction.

If history were to repeat itself, Martinez predicts that the Bitcoin price could rally to at least $138,000 before experiencing its first major pullback. Bitcoin has cooled off in the last few days following its parabolic rally after Donald Trump won the US presidential elections. However, the analyst recently mentioned what needed to happen for the flagship crypto to break above $100,000 and possibly reach this $138,000 target.

He stated that the BTC price needs to achieve a sustained daily close above $91,900 to invalidate its bearish outlook at the moment and rally to $100,680. This came as he explained why Bitcoin could witness a price correction soon enough. Martinez noted that the greed index was currently at its peak, which is usually bearish for the Bitcoin price since investors could be overleveraging their positions, leading to a massive flush.

Meanwhile, in his most recent X post, Ali Martinez indicated that this Bitcoin price rally above $100,000 would happen before the significant price correction. This time, he upped his target to $150,000, stating that the breakout could happen the next day or two before the 30% price correction.

Price Could Double From Previous ATH In Next Three Weeks

Crypto analyst Kevin Capital predicted that the Bitcoin price could double in the next three weeks. He noted that in every Bitcoin cycle after BTC broke its previous ATH, the crypto went into price discovery and doubled its price in four to six weeks. According to Kevin, BTC is 45% to 50% away from doubling its price from the previous ATH of $73,000 and is on week three of price discovery.

The analyst stated that if the BTC price doesn’t record this 45% to 50% rally in the next three weeks, it is technically underperforming previous bull markets. However, it is worth mentioning that this cycle is the only one in which the Bitcoin price has reached a new ATH before the halving event, which took place earlier this year.

At the time of writing, the Bitcoin price is trading at around $91,900, up in the last 24 hours, according to data from CoinMarketCap.

Bitcoin price chart from Tradingview.com — BTC price surges again | Source: BTCUSD on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

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