According to a closely watched analyst, Bitcoin (BTC), is preparing for a steep rally in what could be a repeat of the market cycle that occurred about a decade earlier.
Trader Ali Martinez told his 126,000 followers on social media platform X, that Bitcoin could be following the footsteps of the 2015 market cycle.
If the similarity holds true, Martinez believes that Bitcoin could now launch a massive upward surge.
Bitcoin is showing striking similarity to the cycle from 2015-2018. Around this time, BTC’s parabolic growth .” began.
The trader appears to be suggesting, by looking at his chart that Bitcoin is in the middle of its final downleg before a large upside surge.
The trader, who is bullish about BTC predicts the next leg will take Bitcoin to the market cycle peak based on Richard D. Wyckoff’s Wyckoff Method. This investment and trading method was developed by Richard D. Wyckoff in order to identify market tops and bottoms.
Martinez believes that Bitcoin could reach around $200,000. before its holders unload all their coins.
According to the Wyckoff Method the Distribution Phase marks the end of the bull market, when investors sell their coins accumulated at high prices. This is the top of the asset cycle. This is also the beginning of a new market.
Bitcoin currently trades for $101,853.
Join us at X@InvCryptoDaily to never miss a beat.
Sources of Images include Pixabay Creative Commons & Midjourney
The ICD published the article Analyst Predicts a Parabolic Rise for Bitcoin (BTC), Amid Potential Repetition of 2015 Cycle. But there’s a catch.
