Bitcoin (BTC) traded mostly sideways on Wednesday after reaching a recent high, with the cryptocurrency still holding onto most of its recent gains.
Notably, over the past seven days, the largest cryptocurrency by market capitalization has gained nearly 25%, climbing from around $62,700 to $79,500 in a sharp rebound that caught many traders off guard.
According to popular analyst Ali Martinez, the size and speed of the move could be particularly important when compared with previous Bitcoin market cycles. Martinez pointed to two earlier instances in which powerful weekly rallies appeared near the end of major bear markets.
In 2019, Bitcoin recorded a weekly gain of roughly 32% as the market transitioned away from its bearish trend. A similar pattern emerged in January 2023, when Bitcoin jumped nearly 25% in a single week following the collapse of FTX and widespread pessimism across the crypto market.
The analyst argues that Bitcoin's latest 26.81% weekly increase could represent another example of the same phenomenon. He suggested that aggressive short positioning may have helped fuel the rally, as rising prices forced bearish traders to close losing positions, creating additional buying pressure.



 
“If history repeats, this type of powerful weekly reversal could be an early sign that BTC has entered a new bullish cycle,†Martinez stated.
Additionally, the analyst noted that the current move came despite expectations among some market participants that Bitcoin could establish a major bottom later in the year based on the traditional four-year cycle. Instead, BTC broke sharply higher from $62,700 to $79,500.
Elsewhere, analyst Ted Pillows highlighted the cryptocurrency's proximity to establishing a new higher high.Â
He said Bitcoin was only about $2,200 away from that milestone and argued that a successful breakout could significantly strengthen the market structure. He further suggested that, if the higher high materializes, Bitcoin may not revisit the $60,000 level.
Meanwhile, analyst Celal Kucuker offered an even more ambitious outlook. He argued that Bitcoin's current chart structure indicates that a fourth wave may have already concluded, potentially setting the stage for a fifth wave.
Kucuker set a potential target of $144,000 for Bitcoin and suggested such a move could occur sooner than many market participants expect.
At the time of writing, BTC traded at $78,814, up 13.32% over the past 7 days.
