A closely followed crypto strategist believes Bitcoin (BTC) may be repeating a historical pattern that could suddenly send it into the six-figure range.
Analyst Ali Martinez tells his 84,100 followers on the social media platform X that Bitcoin may be gearing up for a massive breakout based on what happened in the two prior bull market cycles.
[adinserter block="1"]“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.”
Based on prior cycle patterns, the analyst says Bitcoin could soar more than 50% from its current value.
“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.”
Bitcoin is trading for $91,839 at time of writing, flat on the day.
Next up, he says that Ethereum (ETH) is showing strong support at the $3,000 level and could start printing a bullish pattern of printing higher prices.
Martinez shares an In/Out of the Money Around Price (IOMAP) chart, which aims to show addresses that are profiting (in the money), breaking even (at the money) or losing money (out of the money) on their positions.
“Ethereum has established a solid demand zone around $3,000, where 2.82 million addresses accumulated over 6.14 million ETH. This key support level could pave the way for ETH to rebound toward higher highs.”
Ethereum is trading for $3,093 at time of writing, down 1.9% in the last 24 hours.
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