Bitcoin aims for a historic high in today’s value, but a correction could be imminent

Bitcoin is in a consolidation phase above $90,000 in today’s value, prompting analysts to predict a possible rally up to $138,000. However, historical patterns indicate a high probability of a correction before reaching new highs.

Let’s see all the details in this article. 

The forecasts indicate that Bitcoin could reach $138,000 before a strong pullback: today’s value 

As anticipated, Bitcoin is consolidating above the $90,000 threshold, a figure that is generating great attention in the cryptocurrency markets.

As the new year approaches, experts are closely observing technical and historical signals to understand if the leading cryptocurrency might soon break through $100,000 and even push towards a historical high of $138,000. 

However, as always happens in the cryptocurrency market, investors must remain cautious, as volatility could lead to drastic changes.

According to the cryptocurrency analyst Ali Martinez, the current market setup echoes dynamics observed in previous Bitcoin bull cycles. 

Martinez shared his analysis on social media, highlighting that during the bull runs of 2017 and 2020, Bitcoin had recorded significant increases before facing strong pullbacks. 

In 2017, the cryptocurrency had gained 156% compared to the previous all-time high, only to undergo a correction of 39%. In 2020, the situation was similar, with a bull rally of 121% followed by a bear pullback of 32%.

Martinez observed the following: 

“Bitcoin has spent the last week in a consolidation phase after surpassing the previous all-time high. If history repeats itself, we might see another breakout to the upside in the coming days, with a target around $150,000, followed by a 30% correction.”

These forecasts suggest that, despite the bull outlook, there is still room for significant volatility.

The “golden cross” in the Puell Multiple: what does it mean?

In parallel, on-chain data shows signals that could indicate further momentum for Bitcoin. 

An analysis by CryptoQuant revealed the formation of a rare “golden cross” in the Puell Multiple, an indicator that evaluates Bitcoin market cycles based on mining profitability. 

This signal has occurred only three times in the last five years and each time it has preceded significant bull rallies in the price of the cryptocurrency. On November 18, the Puell Multiple exceeded its 365-day moving average, suggesting a potential 90% increase for Bitcoin.

Despite the optimism of the markets, some experts warn that investors should maintain a cautious approach. 

While Bitcoin has already reached $91,826, recording a modest gain of 0.1% in the last 24 hours and an overall increase of 6% in the previous week, the risks of a correction remain high. 

Historical patterns are not a guarantee of the future, but they serve as a warning for those tempted to get carried away by euphoria.

The influence of Donald Trump

Another element contributing to uncertainty concerns the political landscape in the United States, where Donald Trump seems to play a significant role for the cryptocurrency sector.

Trump, known for his favorable stance on digital assets, recently met with key industry leaders, including the CEO of Coinbase, Brian Armstrong. 

The two reportedly discussed plans for a second administration, including the possibility of strategic appointments that could influence the regulation of cryptocurrencies in the United States. 

This news has had a direct impact on market sentiment, fueling further speculation about the future of cryptocurrencies under a new Trump administration.

In summary, while the charts suggest that Bitcoin could maintain momentum towards $100,000 and beyond, the need for solid support above $90,000 remains crucial to avoid a collapse. 

Investors must be ready to face any trend reversals and not be deceived by the apparent stability. 

The coming weeks will be decisive, with the markets waiting for confirmations of a bull breakout or signals of a possible bear correction. 

As long as Bitcoin remains under observation, the future remains uncertain but full of possibilities for those who are willing to navigate its stormy waters.