Bitcoin Price Prediction: Will the Bull Run Continue to $138K? Analyst Weighs In
Qadir AK19 Nov 20242 min read
On November 6, the Bitcoin market broke above the previous all-time high of $73,000+. With a price of $91,727.28, the market now sits at least 25.41% above the previous ATH. Highlighting the historical market correction patterns, in a recent post on X, crypto analyst Ali Martinez argues that the BTC market may not face a serious pullback before the price hits the level of $138,000.
Let’s understand what encourages him to stay overly optimistic about the future of Bitcoin.
Bitcoin’s Bull Run History: A Guide to the Future
Bitcoin’s price trends during previous bull runs reveal a pattern where corrections usually occur after substantial gains.
2013 Bull Run: Bitcoin hit a notable high of $1,130 in December 2013. The market broke this record in April 2017, but the first major correction came on June 11, 2017. By then, Bitcoin had climbed to $2,952, marking a 161.23% increase.
2017 Bull Run: Bitcoin’s next major peak was $19,132 in December 2017. This ATH was surpassed on November 30, 2020. However, the first significant correction in this cycle occurred on January 8, 2021, after the price surged to $40,633—a rise of 112.38%. Following this, the market pulled back sharply, losing around 25.09% between January 8 and January 27, 2021.
Why $138,000 Is the Next Key Level
Martinez’s $138,000 forecast is based on these historic patterns. He observes that Bitcoin typically continues climbing significantly before encountering a major correction.
At its current price of $91,573.86, Bitcoin would need to rise another 84.91% to reach the $138,000 target. Martinez argues that past market behavior supports this scenario, making a substantial correction unlikely until Bitcoin achieves this level.
What Investors Need to Look Out For
While Martinez remains bullish, he also warns that Bitcoin could face a steep correction once it hits $138,000. Based on previous cycles, the market might experience a pullback of at least 25%, signaling a potential cooling-off period after the rally.
Bitcoin’s price movements often follow patterns that can help guide investor expectations. With $138,000 as the next major target, investors may have room to stay optimistic in the short term. However, as the market approaches this milestone, caution will be key, as history suggests a correction could follow.
For now, Bitcoin’s rally continues, offering plenty of excitement for traders and investors alike.
