Bitcoin It is once again trading near its previous all-time high of $69,000. Cryptocurrency analyst Ali Martinez says the world’s largest cryptocurrency is showing the same pattern that has previously led to gains of more than 7,500% and 550% in previous market cycles.
At the same time, indicators on the chain are flashing familiar signals that could indicate another major movement.
Bitcoin is approaching the historical level of $69,000
Cryptographic analyzer Ali Martinez says Bitcoin has traded below its previous cycle all-time high only a few times in its history, and each time has subsequently turned into one of the best buying opportunities.
During the 2015 cycle, Bitcoin fell below the previous peak of around $259 before rising more than 7,500% in the next bull market.
A similar pattern emerged after the 2021 cycle. In late 2022, Bitcoin fell below its previous all-time high of $19,660 before rising more than 550% to its October 2025 peak of $126,198.
And now history is repeating again. Since June, Bitcoin has been trading below its 2021 all-time high of around $69,000.
Martinez believes that regaining and holding this level could signal that Bitcoin is exiting its bear market and into a new long-term uptrend.
On-chain data shows that buyers are defending Bitcoin
Glassnode’s latest Short Term Holder (STH) cost basis distribution The heat map shows that a lot New investors bought Bitcoin for between $62,000 and $65,000 after the recent rebound from $57,000.
This creates a strong support area because many Bitcoin holders now own Bitcoin around these prices.
However, Glassnode also warns that much of this buying occurred near the end of the recent rally. If Bitcoin cannot break above the $66,000 level, these new buyers may start taking profits, increasing the risk of another pullback in the short term.
The longer-term cycle still points to a larger recovery
Cryptographic analyzer Reckitt Capital believes Bitcoin still follows its traditional four-year cycle.
According to him, 2025 saw the peak of the bull market, while 2026 is still behaving like a bear market year. He expects 2027 to be the final bottom phase before a completely new Bitcoin bull cycle begins.
Even with the current weakness, analysts say Bitcoin continues to follow many of the same patterns seen in previous market cycles.
As of now, Bitcoin is trading at around $64,460, as traders watch whether BTC can reclaim $69,000 and confirm its next major trend.
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