As a seasoned researcher with over two decades of experience in financial markets, I have seen many bull runs and bear markets come and go. The current surge in Bitcoin’s price is indeed fascinating, and it brings back memories of the dot-com bubble and the 2008 financial crisis.
Analysts of cryptocurrency predict that Bitcoin could experience a significant surge in value following Donald Trump’s unexpected victory and resumption of the U.S. Presidency, defeating Vice President Kamala Harris in an unprecedented manner.
In recent times, there’s been much discussion about Bitcoin’s price trend, but with the election of a pro-cryptocurrency figure, there appears to be an inclination towards an increase in Bitcoin’s value.
Currently, Bitcoin is being exchanged for approximately $76,033, representing a 1.7% increase on a daily basis and a significant 9.5% surge over the past week, according to information from Coingecko. This latest price point sets a new record high for Bitcoin.
Bitcoin: $85,000 Feasible?
A well-known cryptocurrency expert predicts that Bitcoin could potentially hit $85,000 in the near future, attributing this anticipated price spike to the possible re-election of Donald Trump as President.
In a recent post, Ali Martinez stated that Bitcoin is behaving in line with his forecast. He had predicted that Bitcoin would reach $78,000, then dip to $71,500 only to subsequently achieve its highest point ever of $85,000.
Based on my forecast, Bitcoin is performing exactly as anticipated. Here’s what I believe will happen: Bitcoin might reach $78,000, dip back down to around $71,500, and then rebound again towards $85,000!
— Ali (@ali_charts) November 6, 2024
Martinez confidently stated that although Bitcoin (BTC) briefly dipped in value, its overall price trend is continuing as planned. He pointed out that the coin’s price had settled at $74,812 following a new high of $76,493.
Previously, Martinez predicted that Bitcoin’s price trajectory aligns with its planned course. Specifically, he expects BTC to reach approximately $72,000, then dip slightly to around $69,000 before surging upwards to potentially hit $78,000.
BTC’s Uptrend
A market analyst expects Bitcoin could potentially rise by 30% to 40%, yet he’s uncertain if it will achieve another 368% surge like before, as such dramatic increases are not likely in future cycles.
Ki Young Ju of CryptoQuant postulated his prediction following Bitcoin’s surge to $75,000, attributing this significant movement largely to the outcome of the recent US elections.
Ju clarified that the price surge was what pushed it up to that point, making Bitcoin one of the most valuable financial investments when considering market capitalization.
Ju advised investors to consider carefully taking profits subtly during the “critical stress points” or “high anxiety periods,” as these stages help in comprehending the true market behavior of Bitcoin.
As an analyst, I’ve observed that Bitcoin exhibits a cyclical pattern. New traders often experience losses during a bearish market. However, after approximately two years, when the “max pain” phase subsides, investors tend to see their digital assets being traded again.
According to him, BTC’s current market environment matched well with an easing period.
Potential Cooling Off
On the other hand, certain analysts predict that Bitcoin might experience a potential dip following its recent surge in price, explaining that it exceeded the upper Bollinger Band, suggesting an indication of oversold conditions.
It was proposed that due to the appearance of red candlesticks, there might be an upward trend in selling and cashing out for profits.
Previously, Bitcoin was in an overbought state as per the Relative Strength Index (RSI), with values above 70. Now, however, its RSI has dropped to 67.34, suggesting that the strong upward trend or “bullish momentum” may be weakening, possibly leading to a price adjustment or correction.
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2024-11-08 14:10