(MENAFN- crypto Breaking)
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
Crypto Investing Risk Warning
Crypto assets are highly volatile. Your capital is at risk.
Don't invest unless you're prepared to lose all the money you invest.
This is a high-risk investment, and you should not expect to be protected if something goes wrong.
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