Renowned cryptocurrency expert Ali Martinez made a recent prediction related to the potential of cryptocurrency. Bitcoin (BTC) to continue its bullish phase until the year 2025. Martinez noted the largest cryptocurrency's four-year cycles, which are driven by the halving.
O Bitcoin halving, generally, reflects on the price action of the cryptocurrency, as highlighted by the analyst. The event is scheduled to take place in 2024.
“Bitcoin’s design around four-year cycles, driven by its halving events, often reflects its price action. Historically, this translates to 3 years of uptrends followed by 1 year of bearish correction,” he stated.
The analyst highlighted in his analysis that, according to this cycle, Bitcoin is in an upward phase, “potentially extending until December 2025”.
# Bitcoin design around four-year cycles, driven by its #halving events, often mirrors its price action.
Historically, this translates to 3 years of bullish trends followed by 1 year of bearish correction. As per this cycle, $ BTC is in an upward phase, potentially extending… pic.twitter.com/7B4sIpiWH8
— Ali (@ali_charts) December 29, 2023
In addition to the Halving in 2024, another event could influence the price of Bitcoin: the approval of a exchange-traded fund (ETF) of Bitcoin in cash, which is expected in early 2024.
It is worth remembering that Ali Martinez recently shared predictions of possible rises for Bitcoin (BTC). In his analysis of the largest cryptocurrency on the market, Martinez highlighted that Bitcoin is consolidating within a parallel channel. The expert highlighted the important price zones for a fall or rise in BTC prices.
“On the 4-hour chart, Bitcoin is consolidating within a parallel channel, which puts all focus on the $42.400 support. A sustained drop below could see $BTC reach $40.700. On the other hand, a recovery from here could set the stage for a recovery towards $44.400,” he wrote.
At the time of publication, the Bitcoin price was quoted at US$ 43.041,80 down 1.0% in the last 24 hours.
