Crypto analyst and trader Ali Martinez says historical patterns could hold the key to how long Bitcoin’s (BTC) bull run could last.
Martinez tells his 42,300 followers on the social media platform
“If Bitcoin reflects previous bull runs (2015-2018 and 2018-2022) against their respective market bottoms, projections suggest the next market peak could land around October 2025.
This implies that BTC still has 600 days of bullish momentum ahead of it!”
In the short term, the trader warns Bitcoin could face headwinds due to its cost basis from people who have held Bitcoin for less than 155 days.
“If the price of Bitcoin falls below $38,130, BTC holders could find themselves in the red in the short term. This potential BTC dip could trigger a new wave of panic selling as these holders will look to minimize their losses.”
The trader believes that since Bitcoin’s bullish momentum began last year, its price is now in a fifth significant market correction. He predicts that BTC will continue its broader uptrend after the completion of the current correction.
“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 declines of around 21% lasting approximately 60 days each.
Interestingly, Bitcoin is currently in the midst of a 21% correction that has lasted for 12 days. Buy the dip.”
The trader warns BTC could correct to the USD 33,000 level if it fails to hold USD 38,000 as support.
“A close below $38,000 on the weekly chart could signal a downturn for BTC, targeting the strong support cluster around $33,000.
This key area combines several technical elements: the lower limit of a parallel channel, the 0.5 Fibonacci retracement level and the 50-week simple moving average (SMA). These factors together 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 past 24 hours.
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Featured image: Shutterstock/Alberto Andrei Rosu/Sensvector