A well-known analyst sees Bitcoin’s current market movements repeating its behavior from nine years ago and believes big price gains are near.
A prominent crypto analyst, Ali Martinez, says Bitcoin’s current market behavior mirrors its 2015 price trajectory. According to Martinez’s analysis, BTC shows signs of a major market rally coming soon.
Based on the trader’s chart, Bitcoin most likely remains within its downtrend but will soon start moving upward strongly. The Wyckoff Method provides the theoretical foundation of Richard D. Wyckoff’s trading system that helps locate market price extremes.
Based on recent market signs, Martinez expects Bitcoin’s value to reach $200K during the upcoming event. He predicts the Distribution Phase will start when investors sell their assets at higher prices following this level.
Martinez revealed that market analysts use the Wyckoff Method, which shows that Bitcoin BTC has likely finished its price increase and is heading toward the distribution phase.
After achieving peak valuations, the Distribution Phase begins a bear market trend, starting with collective profit sell-offs. Martinez’s prediction would create a Bitcoin peak moment, setting off later market crashes.
Bitcoin Price Anaylsis
On Jan 28, BTC traded above $103k, a 3.1% rise from the 24-hour closing value. In the long run, Bitcoin shows healthy progress by staying in a rising pattern channel.
Bitcoin broke through its rising trend channel floor, signaling reduced growth or the start of its movement across its support line.
The major market trends show conflicting results. According to the Relative Strength Index, Bitcoin demonstrates a neutral status, with a reading of 59.02. The Moving Average Convergence Divergence shows a bullish trend of 2236.90.
Analysts list $87,000 and $77,000 as important zones where Bitcoin needs to show strong performance to avoid dropping. A clear break below these competitive levels will likely start a downward movement. Market bullishness depends on Bitcoin maintaining its position above support levels. Should this buying pressure take hold, it could push the price target to $118,000 – $120,000.
