Bitcoin Analysts Predict Price Surge to $85,000 Following Trump Victory
Crypto analysts indicate that Bitcoin is positioned for significant price gains following Donald Trump's election victory over US Vice President Kamala Harris.
Bitcoin's price has been under scrutiny recently. The election of a pro-crypto candidate appears to be driving BTC upward. Currently, Bitcoin trades at $76,033, reflecting increases of 1.7% and 9.5% over the daily and weekly periods, respectively, according to Coingecko data. This marks a new all-time high.
Bitcoin: $85,000 Feasible?
A crypto analyst predicts Bitcoin could soon reach $85,000, attributing this potential surge to Trump's return to the presidency. In a post, Ali Martinez stated that Bitcoin would first reach $78,000, dip to $71,500, and then rally to $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 noted that despite temporary pullbacks, BTC's price trend remains intact, with stabilization at $74,812 after reaching $76,493.
Previously, Martinez forecasted an increase to $72,000 followed by a drop to $69,000 before a rise to $78,000.
BTC’s Uptrend
Another market observer anticipates a potential increase of 30% to 40% for Bitcoin but does not foresee a repeat of the previous cycle's 368% hike.
Ki Young Ju of CryptoQuant believes Bitcoin's recent surge past $75,000 was significantly influenced by the US election results, contributing to its status as one of the largest financial assets by market capitalization. Ju advises investors to consider profit-taking during “max pain” phases, which are crucial for understanding BTC market dynamics.
He explained that Bitcoin's cyclical nature leads new traders to experience losses in bearish markets, with asset exchanges typically occurring after two years when the “max pain” phase subsides. He indicated that the current market environment aligns well with a period of easing.
Potential Cooling Off
Some analysts warn of a possible cooling off for Bitcoin following its recent gains, citing a breach of the upper Bollinger Band as a signal of overbought conditions. Increased selling pressure may arise due to emerging red candlestick formations.
Bitcoin previously occupied the overbought zone (RSI above 70) but has retreated to 67.34, suggesting a loss of bullish momentum and a potential price correction.
Featured image from StormGain, chart from TradingView