This Crypto Analyst Correctly Predicted The Bitcoin Price Rise To $75,000, Here’s The Full Prediction

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As a seasoned researcher with over two decades of experience in financial markets and cryptocurrencies, I find myself both awestruck and intrigued by this recent surge in Bitcoin’s price. The journey from $7,000 to surpassing $75,000 is nothing short of remarkable, and the anticipation for a potential new all-time high at $170,000 is palpable.

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

According to crypto expert TradingShot on TradingView, they’ve shared an insightful Bitcoin analysis report, drawing on past patterns to suggest a potential new record high of $170,000 for Bitcoin. They provided a chart showing Bitcoin’s price fluctuations from 2022 up until now, and pointed out that as of August 5, the digital currency was touching the 1-week Moving Average (MA50), a level not previously breached since March 12, 2003.

In past market phases, this significant level served as a robust trendline that hinted at an impending bull market. As reported by TradingShot, after nearly two decades, Bitcoin’s price managed to maintain this vital trendline on two occasions, which contributed to its recent surge, pushing the price up to nearly $73,800.

The analyst also pointed out that this significant rise in price was an extremely positive sign, suggesting a robust market for Bitcoin. Furthermore, the increase in Bitcoin’s price to $73,800 happened only two days before the U.S. Presidential elections, a time frame known for generating powerful Bitcoin rallies in the past.

Market analyst Crypto Rover points out that Bitcoin has seen an average surge of 1,563% in price following past U.S. elections, with particularly notable gains. After the U.S. Presidential election in 2016, Bitcoin skyrocketed by 2,714%, reaching over $15,000. In 2020, Bitcoin increased more than 400% and exceeded $40,000 post-elections. Following the recent U.S. presidential elections on November 4, it appears that Bitcoin is once again experiencing a strong upward trend.

According to TradingShot’s analysis, these recent Bitcoin rallies seem to be following a similar pattern, which could indicate that Bitcoin is on the verge of a significant growth spurt. By examining charts and applying Fibonacci ratios, the analyst has estimated a potential new high for Bitcoin at around $170,000. This forecast represents an approximate 1.618 Fibonacci extension from its current all-time high.

As a researcher examining the current market trends, I find myself pondering over the potential growth of Bitcoin. Currently, its value stands at approximately $73,715. If we consider a hypothetical surge, this figure could potentially double, reaching around $170,000. This theoretical increase would amount to approximately 130.55%.

BTC Finally Hits Anticipated Price Discovery

After months of speculation and anticipation, Bitcoin has at last touched a fresh all-time high. According to crypto expert Ali Martinez, this spike indicates that Bitcoin is entering a phase of price exploration or discovery.

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. 

Consequently, the analyst estimates that should Bitcoin reach its previous high of $75,550 again, approximately $210 million in trades might get cancelled or closed out.

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2024-11-07 03:04