Bitcoin Price To New ATH Soon? Analyst Who Called $72,000 Surge Reveals What Needs To Happen
01 Novembre 2024 - 12:00PM
NEWSBTC
Crypto analyst Ali Martinez has revealed what needs to happen next
for the Bitcoin price to surpass its current all-time high (ATH) of
$73,700. The analyst had rightly predicted the recent price rally
to $72,000 but warned back then that the flagship crypto won’t hit
its ATH instantly. 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. Related Reading:
Ethereum Price Completes 12 Weeks Of Bottom Formation, Analyst Says
Don’t Aim Lower Than $4,900 ATH Before now, Martinez had predicted
that the Bitcoin price would rise to $72,000 if it held above
$65,000, which eventually happened. Back then, he added that BTC
would likely experience a pullback to $69,000 after this price,
which has also now happened, with the flagship crypto closing in
October below $70,000. This price correction is believed to
be healthy, considering the pump that BTC enjoyed earlier in the
week, coming close to its current ATH. This pump was followed by a
wave of profit-taking, with whales, including Bhutan, selling their
BTC holdings to secure some profits. Ali Martinez indicated that
the flagship crypto is still in bullish territory, as he alluded to
BTC’s historical performance in November, a month in which it has
recorded more positive returns than negative ones. In another
X post, he suggested that the Bitcoin price could go parabolic
after the US elections. He shared a chart of BTC’s movement after
the last three US presidential elections and remarked that he
doesn’t expect this time to be different. Bitcoin hit a new ATH
after those elections, which could happen again. How It Could
Play Out After The US Election Economist Alex Krüger has provided
insights into how the Bitcoin price could move after the US
elections. In an X post, he claimed there is a 55% probability that
BTC will reach $90,000 by year-end if Donald Trump wins. This is
based on the fact that the former US president has declared his
support for cryptocurrencies. Related Reading: Crypto Analyst
Puts Dogecoin Price As High As $2.4, What Does Elon Musk Have To Do
With It? Meanwhile, if Kamala Harris wins, Krüger mentioned that
there is a 45% probability that the Bitcoin price will be trading
at $65,000 by year-end. The economist put the weighted average for
BTC’s price at $79,000. He also told market participants to
expect a swift Bitcoin price rally if Trump wins. At the same time,
he said he expects BTC to range between $65,000 and $68,000 going
into the election night. At the time of writing, the Bitcoin
price is trading at around $69,400, down over 3% in the last 24
hours, according to data from CoinMarketCap. Featured image
created with Dall.E, chart from Tradingview.com
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