Bitcoin (BTC) Price May Rally to $138,000 Before a Major Pullback Occurs

The BTC price holds above $90,000 again, and a $100,000 Bitcoin appears to be within reach in the near term. But could it go even higher?

Crypto analyst Ali Martinez has suggested that Bitcoin may rise to as much as $138,000 in this cycle and then tank by 30%.

Martinez's thoughts, posted on November 19 through X, effectively compare the current and past BTC bull market trends.

suggest that the answer could be yes, but only after a powerful downturn.

Bitcoin enjoyed a 156% rally during the 2017 bull run, which was followed by a 39% crash. In 2020, BTC amplified by 121%, which was succeeded by a 32% decline.

This time, they again proved they were right, and history repeats itself. Bitcoin surpassed its previous high the other day and has accumulated in the region this week.

According to Martinez, the next trajectory could be an upswell, or maybe an even higher $138,000, before a consolidation occurs.

“If history repeats, $BTC could reach at least $138,000 before experiencing the first major pullback,” Martinez noted.

This bullish case is supported by more than historical trends. On-chain data adds another layer of excitement. CryptoQuant recently flagged a rare “golden cross” in Bitcoin’s Puell Multiple, a metric that measures miner profitability across market cycles.

This crossover, where the Puell Multiple moves above its 365-day average, has only occurred three times in the past five years. Each time, it signaled massive price rallies for Bitcoin. Could we see a repeat? If history is any guide, the answer is a resounding yes.

External Tailwinds: Trump and Institutions

Apart from the charts, external influences are making Bitcoin the extra push at the moment. Crypto markets are abuzz with excitement after the re-election of former President Donald Trump, who has a pro-crypto stance.

Donald Trump has been hosting meetings with crypto industry representatives, including Coinbase’s founder, Brian Armstrong, to brainstorm.

Lack of regulatory uncertainty and Trump’s support for digital assets are said to be mainly driving institutional participation. This increasing pace may serve as a positive driving force or ‘momentum’ that carries Bitcoin to its next major phase.

Still, it’s not all smooth sailing. Bitcoin’s Relative Strength Index (RSI) is flashing overbought signals, currently at 74.26. That’s a clear warning sign that a pullback could be around the corner.

If BTC fails to hold above the critical $90,000 level, the price might slip further, potentially undoing some of its recent gains. However, a push to $100,000—or even $138,000—could be within reach if Bitcoin holds steady.