Bitcoin Price Could Reach $139,000 Based on Historical Election Trends
Crypto analyst TechDev predicts that Bitcoin's price could reach $139,000 in the current market cycle, drawing from historical election cycles that have been bullish for Bitcoin.
Bitcoin Price to Reach $139,000 Based on Previous Election Cycles
TechDev stated on X that Bitcoin's price might hit $139,000 this bull run based on historical patterns. On election day in 2012, Bitcoin was priced at $10, and it increased by 22.7x to $245 within a year. In 2016, the price was $710 on election day, followed by a 10.12x surge to $7,200. In 2020, Bitcoin started at $13,588 on election day and rose 4.51x to $61,300 a year later.
TechDev identified a recurring pattern where Bitcoin’s price increases replicate the prior cycle's growth plus an additional 44.5% surge. If this pattern holds, and considering Bitcoin was trading at $69,400 during the recent US presidential elections, the projected target of $139,000 appears feasible.
The US presidential elections historically have led to new highs for Bitcoin, with the cryptocurrency never falling below its price on election day. The current election cycle is particularly optimistic due to the presence of a pro-crypto president.
Following Donald Trump's victory, Bitcoin has shown positive momentum, increasing over 37% since the beginning of the month and aiming for the $100,000 milestone.
What Happens Next When BTC Hits the $100,000 Milestone
Crypto analyst Ali Martinez has provided insights into potential outcomes once Bitcoin reaches the $100,000 mark. He noted on X that Bitcoin's current price action resembles its behavior in December 2020, with a similar Relative Strength Index.
If Bitcoin mirrors the December 2020 trend, Martinez forecasts a rise to $108,000 after hitting $100,000, followed by a drop to $99,000 before continuing upward to $135,000. This aligns closely with TechDev’s projection of $139,000.
As of now, Bitcoin is trading around $97,000, reflecting a more than 5% increase in the last 24 hours, according to CoinMarketCap.
