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The Bitcoin price has hit a new All-Time High (ATH), marking a historic milestone in the crypto market. With a remarkable rally above $75,000, so is Bitcoin experiencing considerable momentummainly driven by market sentiment surrounding the American elections. A crypto analyst who accurately predicted Bitcoin’s rise to $75,000 has now set a new price target for the pioneering cryptocurrency, anticipating further bullish movement.
Analyst has set $170,000 price ATH for Bitcoin price
TradingShot, a crypto analyst on TradingView, has done just that issued a short Bitcoin analysis report, which refers to historical trends to predict a new all-time record of $170,000 for Bitcoin. The analyst shared a price chart showing Bitcoin’s price movements from 2022 to date and revealed that on August 5, Bitcoin was testing the 1-week moving average (MA50), a level that has never been reached since March 12, 2003.
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In previous market cycles, this crucial level was the absolute supportive trendline that indicated a potential bull market. TradingShot revealed that after almost 20 years the Bitcoin price was finally able to hold this key trendline not once but twice, leading to his rally last week whose price tested the $73,800 mark.
The analyst also emphasized that this price increase was an incredibly bullish move, indicating a strong market for Bitcoin. Furthermore, the $73,800 Bitcoin price surge occurred just two days before the US presidential election, a period It has traditionally been known to trigger explosive gatherings for Bitcoin.
Market expert Crypto Rover on X (formerly Twitter) notes that Bitcoin experienced a total average price increase of 1,563% after the previous US elections. In 2016, Bitcoin rose 2,714%, surpassing $15,000. US presidential election. Similarly, the cryptocurrency rose over 400% in 2020, surpassing $40,000 after the election. Now, Bitcoin is clearly in a significant uptrend following the just-concluded US presidential election on November 4.
Given the timing of these rallies, TradingShot has suggested that a similar pattern may repeat itself, implying that Bitcoin could be entering a period of explosive growth. Based on chart analysis and Fibonacci levels, the analyst has predicted a new target of $170,000 for Bitcoin, which represents approximately $1,618. Fibonacci extensions of the current ATH.
With the Bitcoin price currently trading at $73,715, we have gave up some winningsan increase to $170,000 would represent an increase of 130.55%.
BTC finally reaches the expected price discovery
Of Bitcoin finally reaches a new ATH After months of speculation and anticipation, crypto analyst Ali Martinez has done just that revealed that this increase signals the entry of the cryptocurrency into its price discovery.
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A Bitcoin Price Discovery refers to how the market determines current value or price based on supply and demand dynamics. Despite the new performance, Martinez has revealed that investors are trying to short Bitcoin by liquidating their holdings and cashing out profits.
As a result, the analyst predicts that if Bitcoin returns to the price high of $75,550, $210 million could be liquidated from the market.
Featured image created with Dall.E, chart from Tradingview.com
