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The price of Bitcoin has hit a new All-Time High (ATH), which marks a milestone in the crypto market. With an incredible rally past $75,000, Bitcoin is we are facing a lot of pressuredriven primarily by the sentiment of the surrounding market US election. A crypto analyst who correctly predicted Bitcoin’s rise to $75,000 has now set a new price target for the pioneer cryptocurrency, anticipating further bullish movements.
Analyst Set $170,000 Price ATH For The Bitcoin Price
TradingShot, the crypto analyst on TradingView, has it released a short analysis report for Bitcoin, referring to historical forecasting trends a new high for all time of $170,000 of Bitcoin. Sharing a price chart showing Bitcoin price movements from 2022 until now, the analyst revealed that on August 5, Bitcoin was testing the 1-week Moving Average (MA50), a level not reached since March 12, 2003 .
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In previous market cycles, this key level was an absolute support line that indicated a potential bull market. TradingShot revealed that after almost 20 years, Bitcoin price finally managed to capture this key trendline not once but twice, leading to its existence last week’s rally which saw its price check the $73,800 mark.
The analyst also highlighted that this price increase was a remarkable move, indicating a strong Bitcoin market. Moreover, the $73,800 Bitcoin price spike occurred just two days before the US Presidential election, the time historically known to cause explosive rallies because Bitcoin.
Market expert Crypto Rover on X (formerly Twitter) notes that Bitcoin experienced a total price pump of 1,563% following the previous US election. In 2016, Bitcoin made 2,714%, passing $15,000 after US Presidential Election. Similarly, in 2020, the cryptocurrency rose more than 400%, passing $40,000 after the election. Now, Bitcoin is apparently in a remarkable situation after the US presidential election that was just concluded on November 4th.
Given the timing of these rallies, TradingShot suggested that the same pattern may repeat itself, meaning Bitcoin may be entering a period of explosive growth. Based on chart analysis and Fibonacci levels, the analyst revealed a new Bitcoin goal of $170,000, which represents approximately 1.618. Fibonacci expansions from its current ATH.
With the price of Bitcoin currently trading at $73,715, it has give up some benefitsan increase to $170,000 would represent an increase of 130.55%.
BTC Finally Hits Expected Price Recovery
With Bitcoin finally reaches a new ATH after months of speculation and anticipation, crypto analyst Ali Martinez has it revealed that this growth reflects the penetration of cryptocurrency in its price discovery.
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A Bitcoin price discovery refers to how the market determines the current value or price based on supply and demand forces. Despite the new success, Martinez pointed out that investors are trying to short Bitcoin by liquidating their holdings and cashing out.
As a result, the analyst predicts that if Bitcoin returns to $ 75,550 high prices, $ 210 million can be removed from the market.
The featured image was created with Dall.E, a chart from Tradingview.com
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