"If history repeats itself, $50,000 will be seen first in BTC"

Analyst Ali Martinez stated that Bitcoin (BTC) will first see $50,000 and then experience a 40 percent decline.

Ali Martinez, who is closely followed by the crypto community and finds his analysis successful, made a new prediction for the course of Bitcoin.

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Martinez, in his analysis of the BTC he shared on the X platform, stated that if history repeats itself, the price will first reach $50,000. Martinez expects a 40% decline after $50,000.

It's too early for a Bitcoin (BTC) correction

Bitcoin (BTC), the leading cryptocurrency, faced a pullback during the Christmas week. BTC fell to the level of 41,600 dollars. With the decline of BTC, there was also an outflow of money in altcoins. The cryptocurrency market expects this pullback to reverse with the end of Christmas.

Ali Martinez was one of those who thought it was too early for BTC to start correcting. Martinez, a well-known crypto analyst, stated that there is a possibility that BTC will rise to $50,000, and then a 40% correction may occur.

In 2016 and 2019, after finding a market bottom, #Bitcoin's first major correction occurred upon reaching the 0.786 Fibonacci retracement level.

Drawing from this pattern, if history repeats itself, $BTC may climb further toward $50,000 before experiencing a 40% correction. pic.twitter.com/Gh9dDYEaQH

— Ali (@ali_charts) December 29, 2023

Sharing his analysis BTC to his followers on platform X, Ali Martinez said, "In 2016 and 2019, Bitcoin's first major correction after finding the bottom of the market occurred when it reached the 0.786 Fibonacci retracement level." *Said. Martinez, who discovered a similarity with the historical graph, stated that if it happens, BTC will rise to 50 thousand dollars.

Martinez's scenario after BTC rises to $50,000 is a 40% decline. According to Martinez, BTC will drop 40 percent to $30,000 after seeing $50,000.

As it is known, the SEC is expected to make a final decision on Bitcoin spot ETFs next month. While the SEC is expected to approve the applications of giant companies such as BlackRock and Fidelity, it is thought that this will start a bull run to BTC. On the other hand, analysts warned that the "buy expectation, sell news" strategy could work. According to this strategy, profit selling can begin in BTC while the news flow is occupying the agenda.