Bitcoin Path To $85K: Analysts Say It’s Behaving ‘As Predicted’
08 Novembre 2024 - 12:00PM
NEWSBTC
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. Related
Reading: Binance Coin Breaks $600! Is There More Upside Ahead For
BNB? 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!
https://t.co/8xKUNGZYI8 — 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. Related Reading: Fueled By Election
Buzz, Memecoins Soar 22% On Pure Speculation—Report 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
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