Bitcoin (BTC), the world’s largest and oldest cryptocurrency, had fallen below $42,000 today before recovering.The pullback could be attributed to over $10 million worth of BTC options expiry on Friday, December 29, 2023.However, in a recent post on X, Ali Martinez, a top crypto analyst, predicted that [Bitcoin price](https://coingape.com/markets/bitcoin-price-prediction-as-pattern-threatens-16-down/) could hit $50,000 before experiencing a 40% correction.Analyst’s Insight On Bitcoin’s Future Performance The above-mentioned prediction could seem to be bullish in the short-term but a massive correction would await thereafter.
Considering a high of $50,000, a 40% correction would bring the price to as low as $30,000.Martinez made such a prediction considering Bitcoin’s pullbacks in the past.
On X, he noted, “In 2016 and 2019, after finding a market bottom, #Bitcoin’s first major correction occurred upon reaching the 0.786 Fibonacci retracement level.” The analyst spotted a similarity between the historical trends and the current chart pattern.
Hence, he concluded that if history repeats itself, BTC would propel up to $50,000 before a significant pullback.Also Read: [Crypto Analyst Predicts Bitcoin Price Correction To $26K Before Hitting $130K](https://coingape.com/crypto-analyst-predicts-bitcoin-price-correction-to-26k-before-hitting-130k-in-2025/) Both bulls and bears could take advantage of the opportunity.Bulls could choose to hold BTC considering the anticipated bull run and the possibility of hitting the $50,000 mark.
Whilst, bears could rejoice if the price drops to $30,000, as suggested by Martinez.Recommended Articles Furthermore, the correction to $30,000 would provide a better entry point for investors looking for more a affordable BTC price.
However, if the BTC value plummets to such an extent, it could trigger a shakeout of the overleveraged long positions.Bitcoin Price Decline Continues In today’s trading session, Bitcoin fell below the $42,000 mark and recovered thereafter.Moreover, in the past seven days, it has lost over 3% in value after hitting $44,000.At press time, the [BTC price](https://coingape.com/price/bitcoin/) had dropped by 1.34% as the crypto traded at $42,112.96 on Saturday, December 30, 2023.In addition, the market cap slumped by 1.33% to $824.92 billion.However, the 24-hour trade volume registered a slight increase of 3.79% and was recorded to be $23.68 billion.
Also, it’s worth noting that despite the strong declines recently, Bitcoin managed to provide 1-month returns of over 11% as it attained a high of $44,705.32 during this period.Also Read: [Bitcoin Price Prediction: Will $BTC Recovery Surpass $50000 in December?](https://coingape.com/markets/bitcoin-price-prediction-will-btc-recovery-surpass-50000/) [Tellor Tributes (TRB) Price Hits New ATH Amid Whale Action, 2000% Rally in 2023](https://coingape.com/tellor-tributes-trb-price-hits-new-ath-amid-whale-action-2000-rally-in-2023/?utm_source=priceanalysisbar) [Grayscale Bitcoin ETF: CEO Michael Sonnenshein Weighs On Leading Spot Bitcoin ETF Race](https://coingape.com/grayscale-bitcoin-etf-ceo-michael-sonnenshein-weighs-on-leading-spot-bitcoin-etf-race/?utm_source=priceanalysisbar) [Analyst Unveils Investment Potentials Of Bitcoin, Ethereum, & Other Altcoins](https://coingape.com/analyst-unveils-investment-potentials-of-bitcoin-ethereum-other-altcoins/?utm_source=priceanalysisbar) [Top Analyst Expects Bitcoin Price To Hit $50000 Before 40% Correction](https://coingape.com/top-analyst-expects-bitcoin-price-to-hit-50000-before-40-correction/?utm_source=priceanalysisbar) [Shiba Inu Burn Rate Skyrockets 2700% As SHIB Price Tumbles, What’s Happening?](https://coingape.com/shiba-inu-burn-rate-skyrockets-2700-as-shib-price-tumbles-whats-happening/?utm_source=priceanalysisbar) [Top Altcoins to Buy December 29th: MINA, ORDI, AXS](https://coingape.com/markets/top-altcoins-to-buy-in-december-29th-mina-ordi-axs/?utm_source=priceanalysisbar) [Ethereum Price Prediction as New Bearish Pattern Threats a Dive Below $2000](https://coingape.com/markets/ethereum-price-prediction-as-pattern-threats-dive-2000/?utm_source=priceanalysisbar) [Solana Price Prediction: Should You Enter $SOL at $100 Dip?](https://coingape.com/markets/solana-price-prediction-should-you-enter-sol-at-100-dip/?utm_source=priceanalysisbar) [Crypto Price Prediction For December 29th: BONK, KAS, SEI](https://coingape.com/markets/crypto-price-prediction-toady-december-29th-bonk-kas-sei/?utm_source=priceanalysisbar) [VeChain Price Prediction: VET On The Move As Analyst Foresees Surge To $1.6](https://coingape.com/markets/vechain-price-prediction-vet-on-the-move-as-analyst-foresees-surge-to-1-6/?utm_source=priceanalysisbar).
