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Cryptocurrency analyst Ali Martinez revealed what should happen next Bitcoin price To surpass its all-time high (ATH) of $73,700. The analyst had rightly predicted the recent price rise to $72,000, but warned at the time that the flagship cryptocurrency would not reach ATH immediately.
How can Bitcoin price reach a new ATH?
Martinez mentioned in Share X That Bitcoin price needs to stay above the $69,000 support level to reach a new ATH. He claimed that a successful consolidation above this support level could take the price to $78,000. This came as he indicated that Bitcoin price The movement was going according to plan.
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Before now, Martinez predicted that the price of Bitcoin would rise to $72,000 if it remained above $65,000, which it eventually did. He added at the time that Bitcoin would likely see a decline to $69,000 after that price, which is what has happened now as well, with… Pioneering encryption To close in October for less than $70,000.
This price correction is believed to be healthy, considering the pump BTC enjoyed earlier in the week, as it approached its current ATH. This pump was followed by a wave of profit taking, including whales Bhutan, sale Their holdings of BTC to secure some profits. Ali Martinez pointed out That the major cryptocurrency is still in bullish territory was hinted at by Bitcoin’s historical performance in November, a month in which it recorded more positive returns than negative returns.
In another Share XHe noted that Bitcoin’s price could go parabolic after the US elections. He shared a chart of BTC’s movement after the last three US presidential elections He pointed out that he does not expect this time to be different. Bitcoin reached a new ATH after that election, which may happen again.
How could this happen after the US elections?
Economist Alex Krueger provided insight into how the price of Bitcoin will move after the US elections. in Share XHe claimed that there is a 55% chance that Bitcoin will reach $90,000 by the end of the year if Donald Trump wins. This is based on the fact that the former US President declared his support for cryptocurrencies.
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At the same time, if Kamala Harris After his win, Krueger stated that there was a 45% chance that Bitcoin would trade at $65,000 by the end of the year. The economist estimated the weighted average price of Bitcoin at $79,000.
He also told market participants to expect a rapid rise in Bitcoin prices if Trump wins. Meanwhile, he said he expects Bitcoin to be worth between $65,000 and $68,000 before election night.
At the time of writing, Bitcoin is trading at around $69,400, down more than 3% over the past 24 hours, according to Data From Coin Market Cap.
Featured image created with Dall.E, chart from Tradingview.com