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By looking Bitcoin’s continued bullish momentum After Donald Trump’s victory in the US presidential election, one cryptocurrency analyst believes that the continuation of this upward trend could lead to the price of Bitcoin reaching $245,000 this cycle. The analyst provided the timeline for this huge jump in prices, using logarithmic chart patterns and historical data to support his forecast Optimistic projection.
When the price of Bitcoin reaches $245,000
TradingView cryptocurrency analyst Behdark issued a report a report Which provides a technical overview of recent Bitcoin price trends and Possible future moves. This detailed analysis is based on a 2-week (2W) time frame on a chart displaying complete data for Bitcoin price movement.
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Looking at the Bitcoin chart, Behdark highlighted that the leading cryptocurrency was moving within a valid price channel, where the middle line and resistance trend lines of the channel are drawn from previous highs. These trend lines indicate a Potential price target Between $245,000 and $250,000 by 2025.
The analyst admitted that he had previously set a medium-to-long-term price target of $169,000 for Bitcoin, but revised his forecast to $245,000. At the time of writing, Bitcoin is trading at $95,107, which represents a slight decline of 2.18% over the past 24 hours. If the cryptocurrency increased to $245,000, it would represent a massive price rise of 157% from its current value.
With your waste Optimistic forecast for Bitcoin It relies on analysis of logarithmic charts and price channels, which is especially useful in analyzing cryptocurrencies. These charts help define sustainability Market trends cryptocurrency over medium to long-term periods.
Going forward, the analyst revealed that Bitcoin has been successfully hacked Exceeding critical resistance levels Between $77,000 and $78,000, which indicates a Shift in market sentiment. This previous resistance range has now moved to the lower price limit, which will act as a support level for Bitcoin.
if Bitcoin price fallsBehdark has revealed that the cryptocurrency will likely retest this broken resistance level. Moreover, Bitcoin price action shows a level Chicago Mercantile Exchange (CME) gap. Around $77,000, which, if filled, could reinforce bullish sentiment and reactivate Bitcoin’s bullish momentum.
Trump’s presidency is impacting the cryptocurrency market
In his analysis of Bitcoin price, Behdark also noted that A Trump presidency It could significantly impact Bitcoin’s future trajectory. The analyst pointed this out Trump’s support for cryptocurrencies His upcoming four-year presidential regime may have a positive impact on the cryptocurrency market.
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Bhadrak thinks so Favorable political conditions It could boost the adoption of cryptocurrencies and significantly lead to a sharp increase in the market value of digital assets such as Bitcoin. He also noted that there will be significant profits to be made, but investors must be conscious and patient regarding risk management during the bull cycle.
Featured image created with Dall.E, chart from Tradingview.com
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