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Renowned analyst Ali Martinez predicts that Bitcoin 
$104,692 could replicate its sharp rally cycle from 2015. He suggests that the leading cryptocurrency may currently be experiencing its last wave of decline but is poised for a swift and significant upswing afterward. Drawing parallels with the 2015-2018 cycle, Martinez highlights that BTC may soon test its historical peaks. However, he warns of a crucial caution; after the upward movement, a distribution phase could commence.
Similarity to Bitcoin’s 2015 Cycle
Martinez indicates that Bitcoin’s price movements bear similarities to the cycle experienced in 2015. In past cycles, BTC has shown a parabolic jump following periods of consolidation at current levels. The analyst suggests that the current stagnation might signal a similar upcoming rise.
The charts shared by Martinez show that Bitcoin experienced a decline similar to 2015 before embarking on an upward trajectory. If this scenario unfolds, the leading cryptocurrency could swiftly surpass significant resistance levels. However, the analyst emphasizes the need for caution, as after the ascent, a “distribution phase” could trigger a steep price decline.
Insights from the Wyckoff Method
Martinez utilized the Wyckoff Method to forecast Bitcoin’s future price movements. According to this method, BTC is nearing the end of the “accumulation phase.” Following the anticipated rise, it may transition into the “distribution phase.” Martinez predicts that during this process, Bitcoin could reach the $200,000 mark.
In the Wyckoff Method, the distribution phase signifies a period when investors begin selling accumulated assets at higher prices. This can lead to the price reaching its peak and subsequently entering a declining trend.
Martinez warns that Bitcoin could face selling pressure after hitting the $200,000 level. Current data indicates the risk of experiencing a decline similar to that seen in the 2018 cycle.
