As a seasoned analyst with a knack for deciphering the intricacies of the cryptocurrency market and a particular affinity for Bitcoin, I find myself in a unique position to dissect the latest predictions and insights from Ali Martinez and Alex Krüger.
Crypto expert Ali Martinez has shared insights on the steps required for Bitcoin‘s price to exceed its previous record high of $73,700. Previously, Martinez accurately foresaw the recent surge to $72,000 but cautioned that Bitcoin wouldn’t immediately reach this new peak.
How The Bitcoin Price Can Reach New ATH
Martinez mentioned in an X post that the Bitcoin price needs to hold above the $69,000 support level to reach a new ATH. He claimed that a successful hold above that support level could lead to a price rally to $78,000. This came as he noted that the Bitcoin price movement was going according to plan.
Earlier predictions by Martinez suggested that if Bitcoin maintained its value above $65,000, it would reach $72,000. Subsequently, as expected, it surpassed this figure. However, he also foresaw a subsequent drop in price to around $69,000, and indeed, the price of Bitcoin has now fallen below $70,000 in October.
Given the impressive surge in Bitcoin’s price earlier this week, approaching its current all-time high (ATH), this subsequent price correction is considered beneficial. The initial surge, or “pump,” was followed by a period of profit-taking, during which major investors, including Bhutan, cashed out their Bitcoin holdings to lock in some profits. Despite this, analyst Ali Martinez suggests that Bitcoin remains in bullish territory, pointing to its strong historical performance in November, a month where it has traditionally seen more positive returns than negative ones.
In my analysis, I previously posited that the price of Bitcoin might exhibit a parabolic surge following the US elections. To support this notion, I presented a chart illustrating Bitcoin’s historical movement following the last three US presidential elections and expressed my belief that this trend may not deviate significantly this time around. Notably, Bitcoin reached a new All-Time High (ATH) in the aftermath of those elections, which could potentially repeat itself.
How It Could Play Out After The US Election
Economist Alex Krüger offers predictions about Bitcoin’s potential price movement following the U.S. elections. In a recent post, he suggests that there’s a 55% chance Bitcoin could reach $90,000 by year-end if Donald Trump is re-elected. This prediction is primarily due to Trump’s expressed support for cryptocurrencies.
If Kamala Harris becomes the winner, economist Krüger suggests there’s a 45% chance that Bitcoin’s price could reach $65,000 by the end of the year. On average, he predicts Bitcoin’s price to be around $79,000.
As a crypto investor, I was advised that a quick Bitcoin price surge might occur if Trump triumphs in the elections. Simultaneously, it was predicted that Bitcoin would maintain a range of around $65,000 to $68,000 leading up to election night.
As I pen these words, the current value of a single Bitcoin hovers near $69,400, marking a decrease of approximately 3% over the past day, based on information sourced from CoinMarketCap.
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2024-11-01 14:10