{"id":567406,"date":"2023-12-30T07:10:42","date_gmt":"2023-12-30T07:10:42","guid":{"rendered":"https:\/\/shenyangcang.com\/?p=567406"},"modified":"2024-06-11T08:34:10","modified_gmt":"2024-06-11T08:34:10","slug":"this-bitcoin-historical-pattern-could-send-price-to-50000-before-major-correction-analyst","status":"publish","type":"post","link":"https:\/\/shenyangcang.com\/news\/this-bitcoin-historical-pattern-could-send-price-to-50000-before-major-correction-analyst\/","title":{"rendered":"This Bitcoin Historical Pattern Could Send Price To $50,000 Before Major Correction: Analyst"},"content":{"rendered":"

The pioneer cryptocurrency, Bitcoin, has struggled to hold above the $43,000 price mark over the past few weeks. The last seven days have not been much different for the cryptocurrency, which currently trades below $42,000<\/a>.<\/span><\/p>\n

However, a popular crypto analyst<\/a> on the X platform has come forward with an interesting trajectory for the price of BTC in the coming weeks. Based on his projection, investors could see the market leader trade above the psychological $50,000 level – but there is a caveat.\u00a0<\/span><\/p>\n

BTC Price To $50,000 – But What Happens After?<\/span><\/h2>\n

In a recent post on X<\/a>, prominent crypto trader Ali Martinez<\/a> put forward a price prediction, stating that Bitcoin\u2019s value could climb as high as $50,000 in the near future. The analyst came up with this projection after identifying and studying a historical pattern on the coin\u2019s price chart on a higher timeframe.\u00a0<\/span><\/p>\n

Related Reading: ARK Invest Pivots To Bitcoin As Cathie Wood Expects BTC Price To Explode<\/a><\/div>\n

Martinez\u2019s prediction is based on BTC\u2019s price action between 2016 and 2019 on the weekly chart. According to the crypto analyst\u2019s post, the premier cryptocurrency witnessed a major price correction – after reaching a market bottom<\/a> – when it touched the 0.786 Fibonacci retracement level.<\/span><\/p>\n

\"Bitcoin\"<\/p>\n

A weekly chart showing Bitcoin's price movement between 2016 -2023 | Source: Ali_charts\/X<\/a><\/pre>\n
Martinez believes that current price action mirrors the Bitcoin pattern observed in the last years of the previous decade. Historical price patterns can be helpful in technical analysis and in predicting the future trajectory of a cryptocurrency.<\/span><\/p>\n
If this history – on the Bitcoin price chart – does repeat itself, investors could see the value of BTC surge toward $50,000. However, Ali Martinez noted that the flagship cryptocurrency could come tumbling down afterward by a significant 40%.<\/span><\/p>\n
From the current price point, Bitcoin\u2019s journey to $50,000 would mean an almost 20% upward swing. Meanwhile, a 40% decline right after this surge could see the premier cryptocurrency return to around $30,000.<\/span><\/p>\n
Bitcoin Price Overview<\/span><\/h2>\n
As of this writing, the value of Bitcoin stands at $41,831, representing a 1.5% price decline in the past 24 hours. This recent dip only further reflects the bearish pressure the market leader has had to face<\/a> in the past week.<\/span><\/p>\n
According to data from CoinGecko<\/a>, the Bitcoin price is down by nearly 4% in the last seven days. However, the cryptocurrency has had a fairly successful December, having increased by about 10% in the last month of 2023.<\/span><\/p>\n
Related Reading: Ethereum Price Retreats From Highs But Technicals Suggest Upside Continuation<\/a><\/div>\n
BTC has had one of the best price performances this year, soaring by an outstanding 150% since January. Consequently, Bitcoin retains its spot as the largest cryptocurrency in the sector, with a market capitalization of roughly $823 billion.<\/span><\/p>\n
\"Bitcoin\"<\/p>\n
Bitcoin price continues to move sideways on the daily timeframe | Source: BTCUSDT chart on TradingView<\/a><\/pre>\n
Featured image from iStock, chart from TradingView<\/em><\/div>\n","protected":false},"excerpt":{"rendered":"
The pioneer cryptocurrency, Bitcoin, has struggled to hold above the $43,000 price mark over the past few weeks. The last seven days have not been much different for the cryptocurrency, which currently trades below $42,000. However, a popular crypto analyst on the X platform has come forward with an interesting trajectory for the price of BTC in the coming weeks. Based on his projection, investors could see the market leader trade above the psychological $50,000 level – but there is a caveat.\u00a0 BTC Price To $50,000 – But What Happens After? In a recent post on X, prominent crypto trader Ali Martinez put forward a price prediction, stating that Bitcoin\u2019s value could climb as high as $50,000 in the near future. The analyst came up with this projection after identifying and studying a historical pattern on the coin\u2019s price chart on a higher timeframe.\u00a0 Related Reading: ARK Invest Pivots To Bitcoin As Cathie Wood Expects BTC Price To Explode Martinez\u2019s prediction is based on BTC\u2019s price action between 2016 and 2019 on the weekly chart. According to the crypto analyst\u2019s post, the premier cryptocurrency witnessed a major price correction – after reaching a market bottom – when it touched the 0.786 Fibonacci retracement level. A weekly chart showing Bitcoin’s price movement between 2016 -2023 | Source: Ali_charts\/X Martinez believes that current price action mirrors the Bitcoin pattern observed in the last years of the previous decade. Historical price patterns can be helpful in technical analysis and in predicting the future trajectory of a cryptocurrency. If this history – on the Bitcoin price chart – does repeat itself, investors could see the value of BTC surge toward $50,000. However, Ali Martinez noted that the flagship cryptocurrency could come tumbling down afterward by a significant 40%. From the current price point, Bitcoin\u2019s journey to $50,000 would mean an almost 20% upward swing. Meanwhile, a 40% decline right after this surge could see the premier cryptocurrency return to around $30,000. Bitcoin Price Overview As of this writing, the value of Bitcoin stands at $41,831, representing a 1.5% price decline in the past 24 hours. This recent dip only further reflects the bearish pressure the market leader has had to face in the past week. According to data from CoinGecko, the Bitcoin price is down by nearly 4% in the last seven days. However, the cryptocurrency has had a fairly successful December, having increased by about 10% in the last month of 2023. Related Reading: Ethereum Price Retreats From Highs But Technicals Suggest Upside Continuation BTC has had one of the best price performances this year, soaring by an outstanding 150% since January. Consequently, Bitcoin retains its spot as the largest cryptocurrency in the sector, with a market capitalization of roughly $823 billion. Bitcoin price continues to move sideways on the daily timeframe | Source: BTCUSDT chart on TradingView Featured image from iStock, chart from TradingView<\/p>\n","protected":false},"author":590,"featured_media":567409,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[87818,428,679,1119,1122,78790],"class_list":["post-567406","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-ali-martinez","tag-bitcoin","tag-bitcoin-price","tag-btc","tag-btc-price","tag-btcusdt"],"acf":[],"yoast_head":"\nThis Bitcoin Historical Pattern Could Send Price To $50,000 Before Major Correction: Analyst<\/title>\n<meta name=\"description\" content=\"The pioneer cryptocurrency, Bitcoin, has struggled to hold above the $43,000 price mark over the past few weeks.\" \/>\n<meta name=\"robots\" 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