A closely followed analyst believes Bitcoin (BTC) is gearing up for steep rallies in a potential repeat of a market cycle witnessed about a decade ago.
Trader Ali Martinez tells his 120,600 followers on the social media platform X that Bitcoin may be following in the footsteps of its 2015 market cycle.
Should the similarities stay true, Martinez thinks that Bitcoin is now in a position to launch a violent upside surge.
“Bitcoin is showing striking similarities to the 2015-2018 cycle. Historically, it was around this point when BTC went parabolic.”
Looking at the trader’s chart, it appears he’s suggesting that Bitcoin may be in the midst of a final leg down before sparking a big upside burst.
While the trader is bullish on BTC, he predicts that the next leg up will likely take Bitcoin to its market cycle top based on the Wyckoff Method – an investment and trading strategy developed by stock trader Richard D. Wyckoff to spot market cycle tops and bottoms.
Martinez thinks that the incoming Bitcoin rally could push BTC to around $200,000 before holders systematically unload their coins.
“According to the Wyckoff Method, Bitcoin BTC could be approaching its final leg up before entering the Distribution Phase.”
Based on the Wyckoff Method, the Distribution Phase is the final stage of a bull market where investors offload accumulated coins at high prices, marking the cycle top of an asset. It’s also the prelude to a new bear market.
At time of writing, Bitcoin is trading for $101,853.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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