Fun

This Crypto Analyst Correctly Predicted The Bitcoin Price Rise To $75,000, Here’s The Full Prediction

News Feed - 2024-11-07 09:11:21

Este artículo también está disponible en español.


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

News Feed

Biggest Movers: QNT Climbs to Highest Point Since Last December
Biggest Movers: QNT Climbs to Highest Point Since Last December Quant was one of the big movers in crypto markets to start the week, as the token rose beyond $200, hitting its high
Tom Blackstone6 hours agoBase’s ‘Onchain Summer’ saw over 700K NFTs minted from 268K users in AugustThe “Onchain Summer” promotion drove activity to the new network, with hundreds of thousands of users minting
‘Midnight Massacre:’ SEC Crackdown on Crypto Staking Services Prompts Speculation of Further Enforcement Actions
‘Midnight Massacre:’ SEC Crackdown on Crypto Staking Services Prompts Speculation of Further Enforcement Actions On Feb. 9, 2023, the cryptocurrency community learned of the U.
Cointelegraph Innovation Circle9 hours ago8 ways crypto companies can improve their financial compliance in the USAbsent clear, comprehensive regulatory guidance in the U.S., crypto companies would be wise to shore up th
AMD hardware accelerators to support blockchain interoperability
Savannah Fortis10 hours agoAMD hardware accelerators to support blockchain interoperabilityAMD partners with the Wormhole ecosystem to integrate enterprise-grade hardware accelerators into the Web3 space, facilitating bl
Bitcoin traders forecast $80K+ BTC price after recent funding rate reset
Nancy Lubale6 hours agoBitcoin traders forecast $80K+ BTC price after recent funding rate resetAnalysts expect Bitcoin price to test the $80,000 zone now that the halving is complete and BTC’s funding rate reset.5716 T
How high can Bitcoin go? New BTC price prediction sees cycle top at $180K
Zoltan Vardai1 hour agoHow high can Bitcoin go? New BTC price prediction sees cycle top at $180KBTC price can more than double in price this cycle, thanks to Bitcoin ETFs, next month"s halving, and easing monetary condit
$20 Billion in Crypto Under Custody: Coinbase Sees ‘Explosion of Capital’ From Institutional Investors
$20 Billion in Crypto Under Custody: Coinbase Sees "Explosion of Capital" From Institutional Investors Coinbase has revealed that it has had “an explosion
Marcel Pechman12 hours agoHere’s why Bitcoin will hit $22K soonThis week, The Market Report discusses why $22,000 is the next logical step for Bitcoin and why BitMEX co-founder Arthur Hayes claims the bull market start
Jesse Coghlan3 hours agoYuga Labs confirms UV lights likely cause of eye issues at ApeFestThe Bored Ape Yacht Club’s official Twitter account said an investigation confirmed suspicions that UV lights were the likely ca
UK Law Commission Seeks Evidence on DAOs — Expert Says ‘New Legal Forms Are Required’
UK Law Commission Seeks Evidence on DAOs — Expert Says "New Legal Forms Are Required" The United Kingdom Law Commission recently asked experts and users to participate in a ten-w
Massive XRP Accumulation – Whales Bought 520 Million XRP During Market Dip
Este artículo también está disponible en español. XRP has shown resilience amid the market’s volatility and uncertainty, standing strong as it rebounds from recent lows