As Bitcoin consolidates above $100,000, analysts watch for potential price increases and new all-time highs. A critical $109,000 threshold might precipitate a bear market within three months, according to technical analyst Ali Martinez, citing historical patterns from Bitcoin's Halving events.
Martinez suggests that Bitcoin may enter a bear cycle roughly 90 days from now, based on cyclical price movements during Halving years, which have typically been followed by significant corrections. Presently, Bitcoin is 276 days into this cycle, suggesting a downturn may be imminent.
Employing the Wyckoff Method, Martinez forecasts a BTC trading range between $140,000 and $200,000 before a notable decline back toward $100,000. Despite cautionary forecasts, Martinez notes potential growth, drawing warnings from similarities to the 2015-2018 cycle. The Mayer Multiple indicates further room for growth, pegging the current level at $182,000.
At the time of publication, Bitcoin trades at $102,900, showing a 1.5% decrement over 24 hours.
