This article is also available in Spanish.
Crypto analysts say that Bitcoin will continue to experience massive price increases after Donald Trump regained the US presidency with a historic victory against US Vice President Kamala Harris.
Related Reading
Bitcoin’s price trajectory has been the subject of much speculation over the past few weeks but with the election of a well-known pro-crypto figure, it seems that BTC is moving higher.
At the time of writing, BItcoin was trading at $76,033, up 1.7% and 9.5% on a daily and weekly basis, data from Coingecko shows. The figure shows the new bitcoin all time high.
Bitcoin: $85,000 Possible?
A prominent crypto analyst has suggested that Bitcoin will reach $85,000 soon, saying that the price increase will be fueled by Trump’s return to the White House.
In the post, Ali Martinez said that the first cryptocurrency is “playing as predicted.” Martinez predicted that Bitcoin will reach $78,000 but will drop to $71,500 before rising to $85,000.
This plays out as predicted. I think #Bitcoin it goes up to $78,000, back to $71,500 and back to $85,000!
– Ali (@ali_charts) November 6, 2024
Martinez confirmed that despite the fact that the coin experienced a short setback, the BTC price trajectory remains on track, noting the price of the coin stabilized at $ 74,812 after reaching an all-time record of $ 76,493.
In a previous post, Martinez already said that Bitcoin is “going according to plan.” He said BTC will rise to $72,000, then drop to $69,000 before rising to $78,000.
BTC’s Uptrend
One market watcher predicted that there is a high chance that Bitcoin will increase by 30% to 40% but he does not see that the crypto will repeat the 368% increase that happened in previous cycles.
BTCUSD trading at $75,885 on the daily chart: TradingView.com
CryptoQuant’s Ki Young Ju made this prediction after BTC hit $75,000 which he believes was heavily influenced by the US election results.
Ju explained that it caused a price rally to reach that level, further positioning Bitcoin as one of the largest financial assets in terms of market capitalization.
Ju urged investors to take hidden profits during periods of “great pain” that are important to understand the volatility of the BTC market.
He said Bitcoin follows a cyclical nature, explaining that new traders tend to suffer losses when the market is bearish. After two years, investors saw their digital assets change hands when the “big pain” phase died.
According to him, the current BTC market position is well aligned with the reduction period.
Related Reading
Possible Cooling Off
However, some analysts have pointed to a possible cooling of BTC that comes after the recent price increase, saying that it has broken the upper Bollinger Band which serves as an indicator of overbought conditions.
They suggest that there may be increasing pressure to sell and take profits due to the appearance of red candles.
BTC was previously in the overbought zone or above 70 points on the Relative Strength Index (RSI) chart but now, it has retreated to 67.34, indicating a “loss of bullish momentum” and a potential price correction.
Featured image from StormGain, chart from TradingView