Prominent cryptocurrency researcher Ali Martinez has uncovered an intriguing pattern in the price fluctuations of Bitcoin after its halving occurrences. Martinez noted that before to the past two halving occasions, there were notable periods of consolidation for Bitcoin before it resumed its upward trend.
Notably, before the rising trend resumed, Bitcoin consolidated for 189 days in 2016 and 87 days in 2020. After 60 days of consolidation, Bitcoin appears to be ready for a breakthrough.
A chart showing the beginning of past bull runs, which usually started with a powerful purchasing wave that left a lengthy tail on the three-day candle, validates Martinez’s observation. Following the halving, Bitcoin’s price typically moves in a certain range throughout the accumulation period.
https://x.com/ali_charts/status/1785239938381873522
Historically, a bull rise has begun when the price breaks out of this zone. The breakthrough price per Bitcoin was $770 in 2016 and $10,222 in 2020. Martinez now places $71,642 as the top bound of the existing range.
The study highlights that although Bitcoin is now trading below $62,000 per BTC, the actual bull market signal has not yet materialised. It appears that the actual rise won’t start until the price of Bitcoin breaks $70,000 and beyond according to noticeable purchasing activity on the chart.
According to Martinez’s study, Bitcoin may be preparing for a big jump within the next 120 days at most, if past performance is any guide.
