Cryptocurrency analyst Ali Martinez provided insight into what Bitcoin’s price trajectory may look like in the coming weeks. Interestingly, the analyst predicted that Bitcoin could surge to $138,000 and then experience a 30% price drop.

Why Bitcoin Can Rise to $138,000 and Then Crash

In X’s post, Martinez referred to historical trends to explain why the price of Bitcoin can first rise to $138,000 and then fall by 30%. He stated that during the 2017 bull market, Bitcoin rose 156% from its previous all-time high (ATH) before its first major correction of 39%. Similarly, BTC surged 124% in the 2020 bull run before seeing a 32% correction.

If history were to repeat itself, Martinez predicts that Bitcoin’s price could rise to at least $138,000 before it experiences its first major decline. Bitcoin has cooled over the past few days after a parabolic rally following Donald Trump’s victory in the US presidential election. However, the analyst recently mentioned what needs to happen for the flagship cryptocurrency to break above $100,000 and possibly reach the $138,000 target.

He stated that the BTC price must reach a sustainable level daily close above $91,900 to invalidate its current bearish outlook and rise to $100,680. This came as he explained why Bitcoin may soon experience a price correction. Martinez noted that the greed index is currently at its peak, which is usually bad for Bitcoin’s price as investors can over-leverage their positions, leading to a massive flush.

Meanwhile, in his latest post on X, Ali Martinez indicated that a rise in Bitcoin price above $100,000 will occur before a significant price correction. This time he raised his goal of $150,000stating that a breakout could occur the next day or two before a 30% price correction.

The price may double from the previous ATH in the next three weeks

Cryptocurrency analyst Kevin Capital predicted that the price of Bitcoin could double in the next three weeks. He noted that in each Bitcoin cycle, after BTC surpassed its previous ATH, the cryptocurrency would begin to discover price and double in price within four to six weeks. According to Kevin, BTC is 45% to 50% far from doubling in price from its previous ATH of $73,000 and is in its third week of price discovery.

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The analyst stated that if the BTC price does not see a 45% to 50% augment in the next three weeks, it will technically be weaker previous bull markets. However, it is worth mentioning that this cycle is the only one in which Bitcoin price reached a novel ATH before the halving event that took place earlier this year.

At the time of writing, Bitcoin is trading at around $91,900, having risen over the past 24 hours, according to data from CoinMarketCap.

Featured image created with Dall.E, chart from Tradingview.com