Bitcoin Set for Major Breakout, Could Reach $150K, Analyst Predicts
A well-known cryptocurrency strategist suggests that Bitcoin (BTC) may be following a pattern from previous bull markets, setting the stage for a major price surge into six figures.
Ali Martinez, who has a strong following on social media, points out that Bitcoin’s recent movements resemble those seen during its past bull runs. He notes that after Bitcoin surpassed its previous all-time high, it entered a period of consolidation. If history is any guide, this could precede a significant breakout, potentially pushing Bitcoin to around $150,000 before a possible 30% correction.
#Bitcoin is mirroring the behavior of the last two bull cycles!
After surpassing its previous all-time high, $BTC has been consolidating for a week. If history repeats, we could see another breakout in the next day or two, targeting ~$150,000, followed by a ~30% correction. pic.twitter.com/EQlX62BSdE
— Ali (@ali_charts) November 19, 2024
Martinez highlights that similar patterns were observed in Bitcoin’s previous market cycles. In 2017, Bitcoin climbed 156% past its previous high before a major 39% correction. In 2020, it surged 121%, followed by a 32% pullback. If the same trend continues, Martinez anticipates Bitcoin could reach at least $138,000 before experiencing its first significant dip.
READ MORE: Bitcoin Price Breaks Above $97,000 and Marks Another New ATH
Currently trading at $96,839, Bitcoin has remained stable on the day.
The analyst also mentions Ethereum (ETH), which is showing strong support at the $3,000 level. According to Martinez, Ethereum could be poised for upward movement as it forms a bullish pattern. He points to a key support zone identified through the In/Out of the Money Around Price (IOMAP) chart, where millions of ETH were accumulated. This could provide a solid foundation for Ethereum to rise towards new highs.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
