Bitcoin is once again trading near its previous all-time high of $69,000. Crypto analyst Ali Martinez says the world’s largest cryptocurrency is showing the same pattern that once led to gains of over 7,500% and 550% in earlier market cycles.
At the same time, on-chain indicators are flashing familiar signals that could point to another major move.
Crypto analyst Ali Martinez says Bitcoin has only traded below the previous cycle’s all-time high a few times in its history, and every time it later turned into one of the best buying opportunities.
During the 2015 cycle, Bitcoin fell below the previous peak of around $259 before rallying more than 7,500% in the following bull market.
A similar pattern appeared after the 2021 cycle. In late 2022, Bitcoin dropped below its previous all-time high of $19,660 before climbing more than 550% to its October 2025 peak of $126,198.
Now, history is repeating once again. Since June, Bitcoin has been trading below the 2021 all-time high of nearly $69,000.
Martinez believes reclaiming and holding this level could signal that Bitcoin is moving out of its bear market and into a new long-term uptrend.
Glassnode’s latest Short-Term Holder (STH) Cost Basis Distribution Heatmap shows that many new investors bought Bitcoin between $62,000 and $65,000 after the recent recovery from $57,000.
This creates a strong support zone because many holders now own Bitcoin around these prices.
However, Glassnode also warns that much of this buying happened near the end of the recent rally. If Bitcoin cannot break above $66,000, those new buyers could start taking profits, increasing the risk of another short-term pullback.
Crypto analyst Rekt Capital believes Bitcoin is still following its traditional four-year cycle.
According to him, 2025 marked the bull market peak, while 2026 continues to behave like a bear market year. He expects 2027 to become the final bottoming 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 around $64,460, as traders watch whether BTC can reclaim $69,000 and confirm its next major trend.
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