600 Days of Bullish Bitcoin Momentum Coming – But There's a Catch, Says On-Chain Analyst
Crypto analyst and trader Ali Martinez says historical patterns could be the key to how long the Bitcoin (BTC) bull market could last.
Martinez shares to his 42,300 followers on the social media platform
“If Bitcoin mirrors past bull runs (2015-2018 and 2018-2022) from their respective market lows, forecasts suggest the next market peak could occur around October 2025.
This means BTC still has 600 days of bullish momentum ahead of it!”
The trader warns that Bitcoin could face headwinds in the near term due to the cost basis for people who have held Bitcoin for less than 155 days.
“If the price of Bitcoin falls below $38,130, short-term BTC holders could find themselves in the red. This potential BTC decline could trigger a new wave of panic selling as these holders look to minimize losses.”
The trader believes that the price of Bitcoin is now in a fifth significant market correction since the bullish momentum began last year. He expects BTC to continue its overall uptrend after the current correction is completed.
“In this bull market, BTC has experienced four notable corrections: a 12% decline over 12 days, a 22.6% decline over 15 days, and two drops of around 21%, each lasting around 60 days.”
Interestingly, Bitcoin is currently in the middle of a 21% correction that has been going on for 12 days. Buy the dip.”
The trader warns that BTC could fall to the $33,000 level if it fails to hold the $38,000 level as support.
“A close below $38,000 on the weekly chart could signal a downturn for BTC and target the strong support group around $33,000.
This key area brings together several technical elements: the lower boundary of a parallel channel, the 0.5 Fibonacci retracement level and the 50-week simple moving average (SMA). These factors combine to form an important line of defense that could potentially stop further BTC price declines.”
Bitcoin is trading at $39,718 at the time of writing, down slightly in the last 24 hours.
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