Bitcoin Price ATH Set To Cross $139,000 According To Previous Election Cycles

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As a seasoned crypto investor with a knack for recognizing patterns and trends, I find TechDev’s prediction of Bitcoin reaching $139,000 intriguing. Having closely followed the market since its inception, I have seen the impact of election cycles on Bitcoin’s price action. If history repeats itself, we could be in for a bullish ride.

As a curious crypto investor, I’ve come across an intriguing forecast from tech-savvy analyst TechDev: he believes that Bitcoin could surge as high as $139,000 in this market cycle. His prediction is rooted in historical trends, specifically the bullish patterns seen during previous election cycles.

Bitcoin Price To Reach $139,000 Based On Previous Election Cycles

According to TechDev’s recent post, they estimate that the price of Bitcoin could potentially surge to $139,000 during this bull market cycle. This prediction is based on historical patterns observed in previous election cycles. For instance, in 2012, the Bitcoin price was just $10 on election day, but a year later, it skyrocketed by approximately 22.7 times, reaching $245. Similarly, in 2016, when Bitcoin’s value was $710 on election day, it experienced a 10.12x increase and went up to $7,200 within the following year.

In the year 2020, on election day, the price of Bitcoin was $13,588. By the same time the following year, it had seen a massive increase of approximately 4.5 times and peaked at $61,300. This trend, as pointed out by analysts, mirrored the growth from the previous cycle with an extra 44.5% rise, leading to Bitcoin’s price one year after the US elections.

According to TechDev’s analysis, Bitcoin’s price might soar up to $139,000 if it follows a pattern similar to its 4.51 times increase from the last cycle and adds an extra 44.5% growth. On the day of the US presidential elections this month, Bitcoin was valued at approximately $69,400.

Historically, the U.S. presidential elections have tended to boost Bitcoin (BTC) prices, as the leading cryptocurrency consistently reaches new peaks following each election cycle. Interestingly, Bitcoin’s price on election day has never dipped below its previous level. This upcoming election appears particularly bullish, given that the U.S. now has its first pro-crypto president in office.

As an analyst, I’ve observed a favorable response from Bitcoin following Donald Trump’s election win. Since Trump defeated Kamala Harris, the leading cryptocurrency has continued to climb steadily. Currently, Bitcoin is targeting the $100,000 mark, having experienced a significant surge of over 37% this month alone.

What Happens Next When BTC Hits The $100,000 Milestone

Crypto expert Ali Martinez shares predictions on potential developments following Bitcoin’s price reaching $100,000. In a recent post, he notes that Bitcoin’s current market behavior resembles its pattern from December 2020. Furthermore, he mentions that the Relative Strength Index is remarkably similar to the one seen in December 2020 as well.

According to Martinez’s prediction, if Bitcoin follows the pattern seen during that timeframe, it could surge to approximately $108,000 once it reaches $100,000. After a brief dip to around $99,000, it might then resume its upward trend and potentially hit $135,000. Interestingly, this projected price is quite near TechDev’s forecast of $139,000 for Bitcoin.

Currently, as I’m typing this, Bitcoin’s value is approximately $97,000 per unit. In the past day, it has increased by more than 5%. This information is derived from data provided by CoinMarketCap.

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2024-11-22 06:25