Bitcoin (BTC) is entering a pivotal phase of its current market cycle, with technical patterns and on-chain metrics pointing toward a potential record-breaking surge—possibly reaching as high as $138,000—before an inevitable correction takes hold. As the cryptocurrency consolidates above the $90,000 mark, investor sentiment remains bullish, fueled by historical trends, mining data, and macroeconomic expectations.
Historical Patterns Suggest Major Upside Before Correction
Crypto trading expert Ali Martinez has drawn attention to recurring price behavior in Bitcoin’s past bull markets, suggesting that history may be repeating itself. In a widely shared analysis posted on X (formerly Twitter) on November 19, Martinez highlighted that Bitcoin could climb to $138,000 before undergoing a significant pullback.
This projection is based on comparisons with previous market cycles:
- During the 2017 bull run, Bitcoin surged 156% above its prior all-time high before correcting by approximately 39%.
- In the 2020 cycle, BTC rallied 121% post-peak, followed by a 32% retracement.
👉 Discover how market cycles shape Bitcoin’s next big move—insights you won’t want to miss.
Martinez observed that after surpassing its previous all-time high, Bitcoin entered a consolidation phase lasting about one week—an almost identical pattern seen in earlier cycles. He noted:
“After surpassing its previous all-time high, $BTC has been consolidating for a week. If history repeats, we could see another breakout in the next day or two, targeting ~$150,000, followed by a ~30% correction.”
While $150,000 represents an optimistic upper bound, the $138,000 estimate aligns more closely with average post-ATH gains across prior cycles. This implies that once the breakout occurs, traders should prepare not only for explosive upside but also for substantial volatility ahead.
The Rare ‘Golden Cross’ in Puell Multiple Signals Strong Momentum
Beyond price action, on-chain indicators are flashing bullish signals. One of the most compelling is the recent formation of a golden cross in Bitcoin’s Puell Multiple—a key metric used to assess miner profitability and long-term market cycles.
According to analysis by CryptoQuant, the Puell Multiple crossed above its 365-day moving average on November 18. This event is rare—occurring only three times in the last five years—and has historically preceded major price rallies.
The Puell Multiple measures the ratio of daily Bitcoin mining revenue to the 365-day moving average of that revenue. When it crosses above the long-term average, it typically indicates:
- Increased miner selling pressure subsiding
- Accumulation phase completion
- Renewed institutional and retail buying momentum
Past instances of this crossover led to average price increases of over 90% within the following months. Given current conditions, analysts believe this signal strengthens the case for a sustained rally toward six-figure territory.
Bitcoin Puell Multiple chart. Source: CryptoQuant
Market Eyes $100,000 Milestone Amid Macroeconomic Optimism
As of press time, Bitcoin was trading at **$91,826**, up nearly **0.1% in 24 hours** and over **6% in the past week**. The sustained hold above $90,000 serves as a critical psychological and technical support level, reinforcing confidence among investors.
Market participants widely expect BTC to breach $100,000 in the coming weeks. A key driver behind this optimism is the growing anticipation around U.S. political developments—particularly the potential return of Donald Trump to the White House.
Trump has positioned himself as a pro-crypto candidate, vowing to transform the United States into a global hub for digital assets. Reports indicate he has already held discussions with major figures in the crypto space, including Coinbase CEO Brian Armstrong, focusing on personnel appointments and regulatory frameworks for his potential second term.
While political sentiment should not be overstated as a direct price catalyst, the shift toward crypto-friendly policies may accelerate adoption, improve regulatory clarity, and attract institutional capital—key ingredients for sustained price growth.
Bitcoin seven-day price chart. Source: Finbold
Core Keywords:
- Bitcoin price prediction
- BTC price analysis
- Bitcoin bull run 2025
- Bitcoin $138,000 target
- Puell Multiple golden cross
- Bitcoin market cycle
- Crypto technical analysis
- Bitcoin consolidation phase
What Investors Should Watch Next
For traders and long-term holders alike, two key levels will define the immediate outlook:
- Support at $90,000: A sustained drop below this level could signal weakening momentum and delay the anticipated rally.
- **Breakout confirmation above $95,000**: A decisive move beyond this resistance zone would likely trigger FOMO-driven buying, paving the way toward $100,000 and beyond.
Additionally, monitoring on-chain flows, exchange reserves, and whale accumulation patterns can provide early warnings of trend reversals or continuation signals.
👉 Stay ahead of the next BTC surge with real-time data and advanced trading tools.
Frequently Asked Questions (FAQ)
Q: What is driving Bitcoin toward $138,000?
A: The projected rise stems from historical market cycle patterns, technical consolidation after surpassing all-time highs, and bullish on-chain signals like the Puell Multiple golden cross.
Q: Is a correction expected after the rally?
A: Yes. Historical precedent shows that after significant post-ATH rallies (120–150%), Bitcoin typically undergoes corrections between 30% and 40%. Investors should plan risk management accordingly.
Q: What is the significance of the Puell Multiple golden cross?
A: It indicates that miner revenues have stabilized above their annual average, often marking the end of accumulation phases and the start of strong upward momentum.
Q: How reliable are predictions based on past cycles?
A: While no model guarantees future performance, Bitcoin has shown remarkable cyclical consistency due to its fixed supply schedule and halving-driven supply shocks.
Q: Could regulatory changes impact Bitcoin’s price trajectory?
A: Positively framed policies—such as clearer regulations or pro-innovation leadership—can boost investor confidence and accelerate adoption, indirectly supporting higher prices.
Q: What should traders do during this consolidation phase?
A: Focus on risk management, watch key support/resistance levels ($90K–$95K), and consider scaling into positions rather than timing exact tops or bottoms.
Final Outlook: Bull Run With Volatility Ahead
Bitcoin’s path toward new all-time highs appears increasingly clear. With technical indicators aligning, historical patterns repeating, and macro sentiment improving, a move toward $138,000 is not just speculative—it’s grounded in observable market dynamics.
However, smart investors understand that every major rally comes with equally powerful pullbacks. The same forces that propel BTC upward can reverse quickly when sentiment shifts or profit-taking intensifies.
👉 Secure your position before the next leg up—explore strategies used by top traders today.
Ultimately, patience, discipline, and data-driven decision-making will separate successful participants from those caught off guard by volatility. As Bitcoin inches closer to six figures and beyond, staying informed and prepared remains the best strategy for navigating what could be one of the most transformative phases in its history.