Bitcoin has reached a new All-Time High (ATH), marking a significant milestone in the cryptocurrency market. Surpassing an impressive $75,000, Bitcoin is currently experiencing robust momentum, largely driven by market sentiment surrounding the recent US elections. A cryptocurrency analyst who accurately predicted Bitcoin’s rise to $75,000 has now set a new price target for the pioneering cryptocurrency, forecasting further bullish movement.
TradingShot, a crypto analyst on TradingView, has released a brief analysis report, using historical trends to predict a new all-time high of $170,000 for Bitcoin. The analyst shared a price chart depicting Bitcoin’s price movements from 2022 to the present. Notably, on August 5, Bitcoin was testing the 1-week Moving Average (MA50), a level that had not been reached since March 12, 2003.
In previous market cycles, this crucial level served as an absolute supporting trendline, signaling a potential bull market. TradingShot revealed that after nearly 20 years, Bitcoin’s ability to hold this key trendline not once but twice led to its recent rally, which saw its price testing the $73,800 mark.
The analyst also emphasized that this price surge was an extremely bullish move, indicating a strong market for Bitcoin. Additionally, the $73,800 increase occurred just two days before the US Presidential elections, a period historically known to trigger explosive rallies for Bitcoin.
Market expert Crypto Rover noted that Bitcoin has experienced an average price pump of 1,563% following previous US elections. In 2016, Bitcoin surged 2,714%, exceeding $15,000 after the elections. Similarly, in 2020, the cryptocurrency rose over 400%, surpassing $40,000 post-elections. Now, Bitcoin is clearly on a significant uptrend following the recent US presidential elections on November 4.
Given the timing of these rallies, TradingShot has suggested that a similar pattern may be repeating, hinting 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 Bitcoin currently trading at $73,715, having given up some gains, a surge to $170,000 would represent a 130.55% increase.
After months of speculation and anticipation, Bitcoin finally achieved a new ATH, indicating its entry into price discovery, as disclosed by crypto analyst Ali Martinez. Price discovery refers to how the market determines the current value or price based on supply and demand dynamics. Despite this achievement, Martinez noted that investors are attempting to short Bitcoin by liquidating their holdings and cashing out profits.
As a result, the analyst predicts that if Bitcoin returns to the $75,550 price high, $210 million could be liquidated from the market.
Bitcoin bulls seem to have reclaimed control, signaling a potentially promising future for the cryptocurrency.
