With Bitcoin (BTC) maintaining levels above $100,000, a key resistance point that was previously difficult to surpass, market analysts are keeping a close eye on the potential for further price gains and the chance of reaching new all-time highs (ATHs).
The cryptocurrency market’s leading asset faces a crucial hurdle at $109,000, hinting at a potential challenge ahead as experts sound the alarm about a looming bear market that could emerge in just three months.
Bitcoin Analyst Warns of Impending Bear Market
Market analyst Ali Martinez recently expressed concerns in a social media post on X (formerly Twitter), noting historical patterns observed following Bitcoin’s Halving events.
Based on previous Halving years, Martinez suggests that Bitcoin and the wider crypto market could enter a bearish phase around 90 days from now, following a cyclical trend of significant corrections post-Halving.
Examining the BTC Halving cycle days, Martinez points out a similarity to the previous cycle from 2012 to 2016, which led to a bear market after 367 days. Currently, Bitcoin is 276 days into this cycle, suggesting a possible downturn soon.
Potential $200,000 Price Target Before Correction
Further analysis using the Wyckoff Method indicates that Bitcoin may be entering its final upward move before a Distribution Phase, which typically precedes a price decline.
Martinez predicts a trading range between $140,000 and $200,000 for BTC before a significant drop towards $100,000, highlighting short-term growth potential.
Despite warnings, Martinez also points out similarities to the 2015-2018 cycle, hinting at possible parabolic price increases. The Mayer Multiple metric is also under scrutiny, indicating room for growth with Bitcoin currently near $102,900 and down 1.5% in the last 24 hours.
Featured image from DALL-E, chart from TradingView.com
