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Crypto analysts said that Bitcoin remains on course for a massive price hike after Donald Trump reclaimed the US presidency through a historic win against US Vice President Kamala Harris.
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Bitcoin’s price trajectory has been the subject of many speculations in the last few weeks but with the election of a known pro-crypto candidate, it seems BTC is moving in the upward direction.
At the time of writing, BItcoin was trading at $76,033, up 1.7% and 9.5% in the daily and weekly timeframes, data from Coingecko shows. The figure marks bitcoin new all-time high.
Bitcoin: $85,000 Feasible?
A prominent crypto analyst suggested that Bitcoin will soon reach $85,000, claiming that the price surge will be fueled by Trump’s return to the White House.
In a post, Ali Martinez said that the firstborn cryptocurrency is “playing as predicted.” Martinez predicted that Bitcoin would hit $78,000 but would fall to $71,500 before soaring to an all-time high of $85,000.
This is playing as predicted. I think #Bitcoin hits $78,000, retraces to $71,500 and then rebounds to $85,000!
— Ali (@ali_charts) November 6, 2024
Martinez assured that despite the coin experiencing brief pullbacks, BTC’s price trajectory remains on track, noting the coin’s price stabilized at $74,812 after reaching an all-time record of $76,493.
In an earlier post, Martinez has already stated that Bitcoin is “going according to plan.” He said that BTC will increase to $72,000, and then go down to $69,000 before skyrocketing to $78,000.
BTC’s Uptrend
Another market observer predicted that there is a high likelihood that Bitcoin will increase by 30% to 40% but he does not see that the crypto will repeat the 368% hike which occurred in previous cycles.
BTCUSD trading at $75,885 on the daily chart: TradingView.com
Ki Young Ju of CryptoQuant made the prediction after BTC hit $75,000 which he believed was influenced greatly by the results of the US election.
Ju explained that it triggered the price rally to reach that level, further positioning Bitcoin as one of the largest financial assets in terms of market capitalization.
Ju urged investors for subtle profit-taking during the “max pain” phases which are essential to understand the market dynamics of BTC.
He said that Bitcoin follows a cyclical nature, explaining that new traders usually endure losses when the market is bearish. After two years, investors see their digital assets change hands when the “max pain” phase dies down.
According to him, BTC’s current market environment matched well with an easing period.
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Potential Cooling Off
However, some analysts projected a possible cooling off for BTC coming after the recent price hike, saying that it has breached the upper Bollinger Band serving as a cue for overbought conditions.
They suggested that there could be increasing pressure to sell and profit-taking because of the emergence of red candlestick formations.
BTC used to be in the overbought zone or a score above 70 in the Relative Strength Index (RSI) chart but now, it has retreated to 67.34, indicating “a loss of bullish momentum” and a potential price correction.
Featured image from StormGain, chart from TradingView