By Michael Scott
Legendary crypto analyst Ali Martinez indicates Bitcoin is ready to rally towards $150K before a major pullback.
Bitcoin has portrayed a holding pattern for the past week, with no sharp price movements observed. Such contrasts the sharp fluctuations witnessed in the previous weeks.
A look into the daily chart shows that since Bitcoin hit a new high of $93,477.11 on November 13, the premier asset seems to be struggling to move higher. Bitcoin has, however, witnessed a mild pullback to $86,682, only to realize a sharp rebound to $92,600. Earlier in the day, Bitcoin was up 1.9%, registering a day’s peak at $93,319.08 per CoinGecko data.
Today’s surge has seen Bitcoin break from the $89,000 – $91,000 range, where Bitcoin has oscillated in the past six days. With no signs of a major price breakout, the passive spell has seen participants anticipate further upward move is looming. Market analyst Ali Martinez cites historical trends to predict that Bitcoin’s next movement will be above $100,000.
Bitcoin March Towards $138K Before Correction
In his recent insights on X, formerly Twitter, Martinez highlights that in 2016-17, Bitcoin rallied 156% from its previous peak. However, BTC would suffer major corrections that eroded 39% of the gains.
Martinez observes that Bitcoin’s value rose by 121% in the 2020-21 bull season. Still, they experienced a 32% correction that ultimately erased the gains. Guided by the above observations, the analyst suggests that BTC is on course to $138,000, though it would later face a major correction.
Bitcoin Bull Breakout to $150K Target Imminent
A subsequent post by Martinez reiterates that Bitcoin is closely replicating the pattern observed in the previous two bull runs. He notes that when Bitcoin regained the $19,700 peak level to exit the prolonged crypto winter, it rallied 26% only to consolidate for seven days. The consolidation phase would then have a massive leap to $40,000.
Interestingly, Bitcoin has surged in the current phase by 28% above the March high of $73,750. However, the BTC has encountered consolidation within the six days since setting a new high on Wednesday, November 13.
Bitcoin appears to exit this temporary consolidation with a 3% intraday gain, elevating the premier asset above $94K. The upward trajectory lifts Bitcoin 36.7% over the past month, with the market cap up to $1.852 billion per CoinGecko data.
Martinez, reflecting on history, illustrates that the crypto market would witness another breakout in two days. He makes a bold prediction that the BTC price would easily blast to $150,000.
Martinez’s optimistic outlook aligns with Bernstein’s prediction that Bitcoin will attain an ambitious $200,000 price by next year.
The Bernstein analysts cite an interplay of three factors could catapult BTC to the six-digit price level by December 2025. A recent note by the Gautam Chhugani-led team notes a price above $100,000 is no longer delusional.
The Bernstein analysts entertain the optimistic argument for Bitcoin’s upsurge to six-figure digits. They attribute the uptrend to the pro-crypto regulatory development under the Donald Trump administration.
Insights by Bernstein analysts add weight to Martinez’s bullish outlook. Notably, they consider increased institutional demand and the creation of the US National Reserve could bolster confidence in Bitcoin, fueling the sustained rally past $150K.
Price Targets in Post-Bull Corrections
A look into the bullish outlook by Martinez shows that the $150,000 target is visibly aligned with the historical BTC gains. Often, Bitcoin rallies 100% after surpassing the previous peaks. The gain is short-lived as BTC experiences corrections averaging 30%.
When the scenario plays out, Bitcoin could dip to $105,000 from the $150K target. Martinez anticipates that if the new high is closer to $138,000, then it will retreat to $96,000.
Martinez offers a conservative prediction indicating that Bitcoin could revisit the $83,000 – $85,000 range. The analyst considers the least price range of $72,000 – $75,000 is possible when the market flips to a bearish cycle.