Bitcoin has recently experienced a period of relative stability, trading between $89,000 and $91,000 over the past six days, contrasting with the sharp fluctuations seen in previous weeks. Following its peak at $93,500 on November 13, Bitcoin briefly corrected to $86,682 before recovering to $92,600. This sideways movement has left market participants both cautious and expectant, watching for a significant breakout or downturn.

Historical Patterns Indicate a Potential Rise to $138,000

Analyst Ali Martinez has examined past bull market patterns to forecast Bitcoin’s next potential move. He noted that during the 2016/2017 bull run, Bitcoin surged 156% beyond its previous all-time high before facing a major 39% correction. Similarly, in the 2020/2021 cycle, Bitcoin gained 121% before experiencing a 32% pullback. Based on these historical insights, Martinez suggests Bitcoin could reach $138,000 before encountering its first significant retracement.

A Potential Breakout to $150,000 in Sight

Martinez has also observed that Bitcoin is closely following the pattern of its previous two bull cycles. In a recent post, he highlighted that after reclaiming its peak of $19,700 in the last cycle, Bitcoin rose 26% before consolidating for about a week, then surged to $40,000. Currently, Bitcoin has mirrored this move, increasing 26.7% above its March peak of $73,750 and consolidating since its latest high of $93,500.

According to Martinez, if this pattern continues, Bitcoin could see another breakout within the next couple of days, potentially targeting $150,000.

Projected Pullbacks Post-Rally

The $150,000 target aligns with historical trends where Bitcoin often gains over 100% after surpassing its previous all-time highs, followed by a notable correction of around 30%. If Bitcoin reaches $150,000, a correction could see it dip back to $105,000. Alternatively, if it peaks closer to $138,000, a pullback might bring it down to $96,000.

Martinez also identified potential support zones between $83,000 and $85,000, as well as $72,000 to $75,000, in case the market transitions from bullish to bearish.

Conclusion

Bitcoin’s current consolidation phase could be setting the stage for a significant price movement. Historical data suggests that a surge to $138,000 or even $150,000 is possible, followed by a typical corrective phase. Traders are closely watching for the breakout that could mark the next phase of Bitcoin’s bull run.