Bitcoin Could Hit $150,000, According to Crypto Analyst
A well-known crypto strategist has suggested that Bitcoin (BTC) might be following a historical pattern that could potentially propel it to six-figure territory.
Ali Martinez, an analyst with a significant following on X, has pointed out similarities between the current Bitcoin market and previous bull cycles. He believes that Bitcoin could be on the verge of a major breakout based on these patterns.
“Bitcoin seems to be mirroring the behavior observed during the last two bull cycles. After surpassing its previous all-time high, BTC has been consolidating for about a week. If history repeats itself, we could witness another breakout in the next day or two, potentially targeting around $150,000, followed by a correction of approximately 30%.”
According to Martinez, based on historical cycle patterns, Bitcoin could potentially surge over 50% from its current value.
“In the 2017 bull market, Bitcoin soared 156% past its previous all-time high before experiencing a major correction of -39%. Similarly, in 2020, BTC rose 121% before a -32% correction. If history repeats itself, BTC could reach at least $138,000 before facing a significant pullback.”
At the time of writing, Bitcoin is trading at $91,839, showing no significant movement for the day.
Ethereum (ETH) Could See Upside Potential
Additionally, Martinez suggests that Ethereum (ETH) is displaying strong support at the $3,000 level and may be gearing up for a bullish trend.
He shared an In/Out of the Money Around Price (IOMAP) chart, indicating the distribution of addresses that are profitable, breaking even, or at a loss based on their ETH holdings.
“Ethereum has established a robust demand zone around $3,000, with 2.82 million addresses holding over 6.14 million ETH in this area. This significant support level could pave the way for ETH to rebound towards new highs.”
As of now, Ethereum is trading at $3,093, reflecting a 1.9% decline over the past 24 hours.
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