On November 6, the Bitcoin market broke above the previous all-time high of $73,000+. With a price of $91,727.28, the market now sits at least 25.41% above the previous ATH. Highlighting the historical market correction patterns, in a recent post on X, crypto analyst Ali Martinez argues that the BTC market may not face a serious pullback before the price hits the level of $138,000. Let’s understand what encourages him to stay overly optimistic about the future of Bitcoin.
Bitcoin’s Historical Bull Market Patterns
In December 2013, the Bitcoin market achieved its first notable high of $1,130. In April 2017, the market broke through the previous high. It was on June 11, 2017, that the market witnessed a significant correction after the ATH breakout. By then, the price climbed to a level of $2,952, marking a 161.23% rise.
Before the start of the 2020 Bitcoin bull run, the highest peak the market ever reached was the $19,132 ATH recorded on December 16, 2017. On November 30, 2020, the market surpassed this ATH. It was on January 8, 2021 that the market met the first correction post the said ATH breakout.
By then, the market surged to $40,633, registering an impressive 112.38% growth. Between January 8, 2021 and January 27, 2021, the market plummeted sharply by around 25.09%.
Prediction for Bitcoin’s Next Bull Run
Ali predicts that the BTC market may not experience a major correction before it reaches the mark of $138,000, indicating that the market is less likely to see a significant correction before it grow at least 84.91% more, considering the fact that the current price of Bitcoin stands at $91,573.86. The prediction primary hinges on the historic price correction patterns witnessed during the previous bull runs of 2017 and 2020.
What this Means for Bitcoin Traders and Investors
Investors need not worry about a correction until the BTC price hits $138,000. Once the market hits the range, there is a possibility of a correction of at least 25%.
In conclusion, Bitcoin’s bull market patterns offer valuable insights, suggesting $138,000 as a potential target.
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