Historical price patterns suggest that Bitcoin (BTC) might be preparing for a record-high target before a potential pullback.
Indeed, Bitcoin is consolidating above the $90,000 mark, with the markets anticipating a push toward the $100,000 level, which is highly expected to clock by January.
According to observations made by crypto trading expert Ali Martinez, Bitcoin could rise to $138,000 in the current cycle before facing a significant correction, as noted in X post on November 19.
Bitcoin price analysis chart. Source: TradingView/Ali_charts
Martinez compared Bitcoin’s price behavior to previous bull markets and highlighted historical patterns. During the 2017 bull run, Bitcoin surged 156% above its previous all-time high before a steep correction of 39%. Similarly, in 2020, the leading cryptocurrency recorded a 121% rally before enduring a 32% pullback.
In an initial analysis, Martinez observed that Bitcoin seems to replicate the patterns observed in its last two b
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