Here’s Why The Bitcoin Price Could Surge To $138,000 Before Recording A 30% Crash

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,844,336,682,867	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,844,336,682,867

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	972.20	1.05%	93,304.73	93,304.76	93,313.27

Price Change

Price Change %

Current Price

Bid Price

Offer

972.20

1.05%

93,304.73

93,304.76

93,313.27

High Price	Low Price	Open Price	Prev. Close	52 Week Range
93,772.26	91,600.00	92,396.70	92,341.07	35,773.27 - 94,105.84

High Price

Low Price

Open Price

Prev. Close

52 Week Range

93,772.26

91,600.00

92,396.70

92,341.07

35,773.27 - 94,105.84

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	11:40:00	0.000139	93,304.73	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

11:40:00

0.000139

93,304.73

USD

Price x Volume	Volume	Base Symbol	Related Pairs
903,665,427.26	9,774.36	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

903,665,427.26

9,774.36

Here’s Why The Bitcoin Price Could Surge To $138,000 Before Recording A 30% Crash

20/11/2024 6:00am

NEWSBTC

Crypto analyst Ali Martinez has provided insights into what the Bitcoin price trajectory could look like in the coming weeks. Interestingly, the analyst predicted that Bitcoin could rally to $138,000 and then experience a 30% price crash. Why Bitcoin Could Rise To $138,000 And Crash After In an X post, Martinez alluded to historical trends to explain why the Bitcoin price could rally first to $138,000 and then crash by 30% after. He stated that during the 2017 bull market, Bitcoin surged 156% past its previous all-time high (ATH) before the first major correction of 39%. Similarly, BTC rallied 124% in the 2020 bull run before it witnessed a 32% correction. Related Reading: Analyst Says XRP’s 11-Year SuperCycle Is Coming To An End, Why A Surge To $3.4 Is Imminent If history were to repeat itself, Martinez predicts that the Bitcoin price could rally to at least $138,000 before experiencing its first major pullback. Bitcoin has cooled off in the last few days following its parabolic rally after Donald Trump won the US presidential elections. However, the analyst recently mentioned what needed to happen for the flagship crypto to break above $100,000 and possibly reach this $138,000 target. He stated that the BTC price needs to achieve a sustained daily close above $91,900 to invalidate its bearish outlook at the moment and rally to $100,680. This came as he explained why Bitcoin could witness a price correction soon enough. Martinez noted that the greed index was currently at its peak, which is usually bearish for the Bitcoin price since investors could be overleveraging their positions, leading to a massive flush. Meanwhile, in his most recent X post, Ali Martinez indicated that this Bitcoin price rally above $100,000 would happen before the significant price correction. This time, he upped his target to $150,000, stating that the breakout could happen the next day or two before the 30% price correction. Price Could Double From Previous ATH In Next Three Weeks Crypto analyst Kevin Capital predicted that the Bitcoin price could double in the next three weeks. He noted that in every Bitcoin cycle after BTC broke its previous ATH, the crypto went into price discovery and doubled its price in four to six weeks. According to Kevin, BTC is 45% to 50% away from doubling its price from the previous ATH of $73,000 and is on week three of price discovery. Related Reading: Dogecoin Large Transactions Surge 41% With 35% Uptick In Daily Addresses, Will Price Follow? The analyst stated that if the BTC price doesn’t record this 45% to 50% rally in the next three weeks, it is technically underperforming previous bull markets. However, it is worth mentioning that this cycle is the only one in which the Bitcoin price has reached a new ATH before the halving event, which took place earlier this year. At the time of writing, the Bitcoin price is trading at around $91,900, up in the last 24 hours, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com

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