This Crypto Analyst Correctly Predicted The Bitcoin Price Rise To $75,000, Here’s The Full Prediction
07 November 2024 - 1:01AM
NEWSBTC
The Bitcoin price has hit a new All-Time High (ATH), marking a
historical milestone in the crypto market. With a remarkable rally
surpassing $75,000, Bitcoin is experiencing considerable momentum,
driven primarily by market sentiment surrounding the US elections.
A crypto analyst who had accurately predicted Bitcoin’s rise to
$75,000 has now set a new price target for the pioneer
cryptocurrency, anticipating further bullish movement. Analyst Set
$170,000 Price ATH For The Bitcoin Price TradingShot, a crypto
analyst on TradingView, has released a brief Bitcoin analysis
report, referencing historical trends to predict a new all-time
high of $170,000 for Bitcoin. Sharing a price chart depicting
Bitcoin’s price movements from 2022 to the present, the analyst
disclosed that on August 5, Bitcoin was testing the 1-week Moving
Average (MA50), a level that has never been reached since March 12,
2003. Related Reading: Dogecoin Price Marks Local Bottom, Can Price
Run 100% From Here Again? In previous market cycles, this crucial
level was the absolute supporting trendline that signaled a
potential bull market. TradingShot revealed that after almost 20
years, the Bitcoin price was finally able to hold this key
trendline not once but twice, leading to its last-week rally that
saw its price testing the $73,800 mark. The analyst also
highlighted that this price surge was an incredibly bullish move,
indicating a strong market for Bitcoin. Moreover, the $73,800
Bitcoin price increase occurred just two days before the US
Presidential elections, a period historically known to trigger
explosive rallies for Bitcoin. Market expert Crypto Rover on X
(formerly Twitter) notes that Bitcoin has experienced a total
average price pump of 1,563% following the previous US elections.
In 2016, Bitcoin rallied 2,714%, exceeding $15,000 after the US
Presidential elections. Similarly, in 2020, the cryptocurrency
soared over 400%, surpassing $40,000 after the elections. Now,
Bitcoin is clearly on a significant uptrend after the
just-concluded US presidential elections on November 4. Given
the timing of these rallies, TradingShot has suggested that a
similar pattern may be repeating, implying that Bitcoin could be
entering a period of explosive growth. Based on chart analysis and
Fibonacci levels, the analyst has projected a new target of
$170,000 for Bitcoin, representing approximately 1.618 Fibonacci
extensions from its current ATH. With the Bitcoin price
currently trading at $73,715, having given up some gains, a surge
to $170,000 would represent a 130,55% increase. BTC Finally
Hits Anticipated Price Discovery With Bitcoin finally reaching a
new ATH after months of speculation and anticipation, crypto
analyst Ali Martinez has disclosed that this surge signals the
cryptocurrency’s entry into its price discovery. Related
Reading: Dogecoin Whales Record Largest Accumulation Week Since
January With 2.10 Billion Tokens Bought A Bitcoin price discovery
refers to how the market determines the current value or price
based on supply and demand dynamics. Despite the new achievement,
Martinez has revealed that investors are attempting to short
Bitcoin by liquidating their holdings and cashing out
profits. As a result, the analyst predicts that if Bitcoin
goes back to the $75,550 price high, $210 million could be
liquidated from the market. Featured image created with
Dall.E, chart from Tradingview.com
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