Bitcoin (BTC) May Not Face a Serious Pullback Before the Price Hits the Level of $138,000, Predicts Analyst Ali Martinez

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.

On Monday, November 6, the Bitcoin (BTC) market soared past the previous all-time high (ATH) of $73,000 , reaching a price of $91,727.28. This marks an increase of at least 25.41% over the previous ATH.

Highlighting the historical market correction patterns, crypto analyst Ali Martinez argues in a recent post on X 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 

The Bitcoin market achieved its first notable high of $1,130 in December 2013. The market broke through the previous high in April 2017. 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.

During the 2017 bull market, #Bitcoin surged 156% past its previous all-time high before the first major correction of -39%. In 2020, $BTC rose 121% before a -32% correction.

If history repeats, $BTC could reach at least $138,000 before experiencing the first major pullback.

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What this Means for Bitcoin Traders and Investors 

This means that investors can continue to ride the bull wave without any concerns about an imminent correction until the BTC price hits $138,000. However, once the market does hit 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 for the next bull run.

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