Calls for a Bitcoin supercycle in 2026 gained momentum recently after former Binance CEO Changpeng ‘CZ’ Zhao shared his optimistic predictions. However, a well-known analyst on the social media platform X presented a contrasting view, forecasting a significant downturn for Bitcoin’s price this year.
In a January 25th post, prominent crypto trader Ali Martinez expressed skepticism regarding the supercycle narrative, stating sarcastically that “the super cycle is super cycling.” Martinez issued a bearish projection, suggesting that Bitcoin could potentially reach a price floor of $31,000 by 2026. His reasoning hinges on the appearance of price fractals observed on Bitcoin’s price chart, which are patterns that can indicate possible future price movements based on historical data.
Martinez pointed out that Bitcoin’s current price trajectory resembles its movement in 2022. For context, Bitcoin had set an impressive all-time high of approximately $67,000 in early 2021. However, the cryptocurrency later experienced a correction of nearly 55%, dropping to just above $30,000 by mid-July. Although it rebounded and reached a new record high of over $69,000 by the end of 2021, the subsequent year saw Bitcoin predominantly decline, with 2022 concluding at a low of around $15,500.
According to Martinez, Bitcoin is currently mirroring its previous behavior after a more than 32% decline, followed by a climb towards the all-time high of $126,080. He believes that Bitcoin is now in a prolonged decline, similar to the one that took it down to $15,500 in 2022, with this potential downturn targeting $31,800—a substantial 65% decrease from its present valuation.
As of now, Bitcoin is trading at about $88,528, having experienced a slight decline of over 1% in the past 24 hours. With opinions diverging sharply within the crypto community, the debate over Bitcoin’s near-term future continues, leaving investors to navigate contrasting forecasts amidst growing uncertainty.
