Crypto Analyst Predicts Over 600 Days of Bullish Bitcoin Momentum
Crypto analyst and trader Ali Martinez suggests that Bitcoin’s current bull run could last for more than a year and a half, based on historical patterns. Martinez explains that if Bitcoin follows previous bullish cycles, the cryptocurrency could remain in an uptrend until around October 2025, providing it with approximately 600 days of bullish momentum. However, in the near term, Martinez warns that Bitcoin may face headwinds due to the cost basis of short-term holders who have held Bitcoin for less than 155 days. If the price falls below $38,130, these holders may panic sell to minimize their losses.
Bitcoin’s Fifth Significant Market Correction
According to Martinez, Bitcoin is currently experiencing its fifth significant market correction since its bullish momentum began last year. He predicts that BTC will continue on its broader uptrend after completing the current correction. In this bull market, Bitcoin has already undergone four notable corrections, with drops ranging from 12% to 22.6% lasting from 12 to 60 days. Interestingly, Bitcoin is currently in the midst of a 21% correction that has been ongoing for 12 days.
Potential Downturn and Strong Support Levels
Martinez cautions that if Bitcoin fails to hold $38,000 as support, it could correct down to the $33,000 level. A close below $38,000 on the weekly chart may signal a downturn for BTC and target the strong support cluster around $33,000. This support level combines several technical elements, including the lower boundary of a parallel channel, the 0.5 Fibonacci retracement level, and the 50-week simple moving average (SMA). These factors together form a significant line of defense that could potentially prevent further price declines.
Bitcoin’s Current Price and Conclusion
At the time of writing, Bitcoin is trading at $39,718, showing a slight decline in the last 24 hours. While historical patterns suggest over 600 days of bullish momentum ahead, short-term headwinds and the potential for a correction to the $33,000 level should be considered. It will be interesting to see how Bitcoin performs in the coming months and whether it follows previous bull run patterns.
Hot Take: Bitcoin’s Bullish Momentum May Last Over 600 Days, But Beware of Short-Term Headwinds
Crypto analyst Ali Martinez believes that Bitcoin’s current bull run could continue for more than a year and a half, based on historical patterns. However, short-term holders may face challenges if the price falls below $38,130, potentially triggering panic selling. Additionally, Bitcoin is currently experiencing its fifth significant market correction but is expected to resume its broader uptrend afterward. There is a possibility of a downturn if BTC fails to hold $38,000 as support, with a potential target of $33,000. Despite these factors, Bitcoin’s current price remains above $39,000.
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