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The Bitcoin price has hita new All-Time High (ATH), marking a historical milestone in the crypto market. With a remarkable rally surpassing $75,000, Bitcoin is experiencing considerable momentum, driven primarily by market sentiment surrounding the US elections. A crypto analyst who had accurately predicted Bitcoin’s rise to $75,000 has now set a new price target for the pioneer cryptocurrency, anticipating further bullish movement. Analyst Set $170,000 Price ATH For The Bitcoin Price
TradingShot, a crypto analyst on TradingView, has releaseda brief Bitcoin analysis report, referencing historical trends to predict a new all-time highof $170,000 for Bitcoin. Sharing a price chart depicting Bitcoin’s price movements from 2022 to the present, the analyst disclosed that on August 5, Bitcoin was testing the 1-week Moving Average (MA50), a level that has never been reached since March 12, 2003. Related Reading Dogecoin Price Marks Local Bottom, Can Price Run 100% From Here Again? 1 day ago
In previous market cycles, this crucial level was the absolute supporting trendline that signaled a potential bull market. TradingShot revealed that after almost 20 years, the Bitcoin pricewas finally able to hold this key trendline not once but twice, leading to its last-week rallythat saw its price testing the $73,800 mark.
The analyst also highlighted that this price surge was an incredibly bullish move, indicating a strong market for Bitcoin. Moreover, the $73,800 Bitcoin price increase occurred just two days before the US Presidential elections, a period historically known to trigger explosive ralliesfor Bitcoin.
Market expert Crypto Rover on X (formerly Twitter) notesthat Bitcoin has experienced a total average price pump of 1,563% following the previous US elections. In 2016, Bitcoin rallied 2,714%, exceeding $15,000 after the US Presidential elections. Similarly, in 2020, the cryptocurrency soared over 400%, surpassing $40,000 after the elections. Now, Bitcoin is clearly on a significant uptrend after the just-concluded US presidential elections on November 4. Source: X
Given the timing of these rallies, TradingShot has suggested that a similar pattern may be repeating, implying that Bitcoin could be entering a period of explosive growth. Based on chart analysis and Fibonacci levels, the analyst has projected a new target of $170,000 for Bitcoin, representing approximately 1.618 Fibonacci extensionsfrom its current ATH.
With the Bitcoin price currently trading at $73,715, having given up some gains, a surge to $170,000 would represent a 130,55% increase. BTC Finally Hits Anticipated Price Discovery
With Bitcoin finally reaching a new ATHafter months of speculation and anticipation, crypto analyst Ali Martinez has disclosedthat this surge signals the cryptocurrency’s entry into its price discovery. Related Reading Dogecoin Whales Record Largest Accumulation Week Since January With 2.10 Billion Tokens Bought 1 day ago
A Bitcoin price discoveryrefers to how the market determines the current value or price based on supply and demand dynamics. Despite the new achievement, Martinez has revealed that investors are attempting to short Bitcoin by liquidating their holdings and cashing out profits.
As a result, the analyst predicts that if Bitcoin goes back to the $75,550 price high, $210 million could be liquidated from the market. BTC bulls reclaim control | Source: BTCUSD on Tradingview.com Featured image created with Dall.E, chart from Tradingview.com