Bitcoin Price Must Hold Above $69,000 to Reach New ATH
Crypto analyst Ali Martinez has outlined the conditions for Bitcoin to exceed its all-time high (ATH) of $73,700. He accurately predicted a price rally to $72,000 but cautioned that Bitcoin would not reach its ATH immediately.
Path to New ATH
Martinez stated in an X post that Bitcoin must maintain a position above the $69,000 support level to potentially reach a new ATH. A successful hold could trigger a rally to $78,000. He noted that current Bitcoin price movements align with his projections.
Previously, Martinez forecasted a rise to $72,000 if Bitcoin remained above $65,000, which occurred. He anticipated a pullback to $69,000 after reaching this level, which also materialized, with Bitcoin closing below $70,000 in October.
This correction is seen as healthy following an earlier price surge near the ATH, which prompted profit-taking from significant holders, including Bhutan. Martinez indicated that Bitcoin remains in a bullish trend, supported by historical performance trends observed in November.
In another X post, he suggested potential parabolic growth for Bitcoin following the US elections, referencing past price movements post-presidential elections and predicting similar outcomes this time.
Post-Election Price Predictions
Economist Alex Krüger analyzed the potential impact of the US elections on Bitcoin's price. In an X post, he estimated a 55% probability that Bitcoin could reach $90,000 by year-end if Donald Trump wins, citing his support for cryptocurrencies.
If Kamala Harris wins, Krüger projected a 45% chance that Bitcoin would trade around $65,000 by year-end, estimating an average price of $79,000. He advised market participants to expect a rapid rally if Trump secures victory and anticipates Bitcoin trading between $65,000 and $68,000 leading up to election night.
Currently, Bitcoin trades at approximately $69,400, reflecting a decline of over 3% in the last 24 hours, according to CoinMarketCap.
