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Cryptocurrency analysts said that Bitcoin is still on track for a significant price rise after Donald Trump regained the US presidency through a historic victory over US Vice President Kamala Harris.
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Bitcoin’s price trajectory has been the subject of much speculation in the past few weeks, but with the election of a well-known pro-crypto candidate, Bitcoin appears to be moving in an upward direction.
At the time of writing, Bitcoin was trading at $76,033, up 1.7% and 9.5% on both the daily and weekly time frames, data from Coingecko shows. The number represents Bitcoin New all-time high.
Bitcoin: $85,000 Possible?
A prominent cryptocurrency analyst has suggested that Bitcoin will soon reach $85,000, claiming that the price rise will be fueled by Trump’s return to the White House.
In a post, Ali Martinez said that the first cryptocurrency is “playing as expected.” Martinez predicted that Bitcoin would reach $78,000, but would fall to $71,500 before rising to an all-time high of $85,000.
This plays as expected. I think #Bitcoin It reaches $78,000, rebounds to $71,500 and then rebounds to $85,000! https://t.co/8xKUNGZYI8
– Ali (@ali_charts) November 6, 2024
Martinez stressed that although the currency witnessed short declines, the Bitcoin price path is still on the right track, noting that the price of the currency stabilized at $74,812 after reaching an all-time record of $76,493.
In a previous post, Martinez actually stated that Bitcoin is “going according to plan.” He said Bitcoin would rise to $72,000, then fall to $69,000 before rising to $78,000.
BTC uptrend
Another market observer predicted that there is a high probability that Bitcoin will rise by 30% to 40% but does not see the cryptocurrency repeating the 368% rise that occurred in previous sessions.
BTCUSD trading at $75,885 on the daily chart: TradingView.com
CryptoQuant’s Ki Young Joo made a prediction after Bitcoin reached $75,000, which he believes was greatly influenced by the results. American elections.
Joe explained that it caused prices to rise to reach this level, increasing Bitcoin’s status as one of the largest financial assets by market capitalization.
Joe urged investors to take profits precisely during the “maximum pain” phases which are essential to understanding the dynamics of the BTC market.
He said that Bitcoin follows a cyclical nature, explaining that new traders usually take losses when the market is bearish. After two years, investors will see their digital assets change as the “maximum pain” phase ends.
According to him, the current market environment for Bitcoin aligns well with a period of easing.
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Potential cooling
However, some analysts predicted a possible cooling for Bitcoin after the recent price surge, saying that it broke through the upper border of the Bollinger Band to act as a signal of overbought conditions.
They suggested that there will be increased pressure to sell and take profits due to the appearance of red candlestick formations.
BTC used to be in the overbought zone or a score above 70 in the Relative Strength Index (RSI) chart but has now pulled back to 67.34, indicating a “loss of bullish momentum” and a possible price correction.
Featured image from StormGain, chart from TradingView
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