Cryptocurrency analyst TechDev predicts that Bitcoin's price could rebound to $139,000 in this market cycle. The analyst made this prediction based on previous election cycles, which have also been bullish on the flagship cryptocurrency.
According to previous election cycles, Bitcoin's price will reach $139,000
In an X post, TechDev predicted that Bitcoin's price could reach $139,000 in this bull market based on previous election cycles. In 2012, Bitcoin's price on election day was $10, a year later, BTC surged 22.7 times to $245. In 2016, Bitcoin was $710 on election day, then surged 10.12 times to $7,200.
Meanwhile, in 2020, Bitcoin's price on election day was $13,588. It then grew 4.51 times, rebounding to $61,300 a year later. The analyst emphasized a pattern in which Bitcoin's price replicated the previous cycle's increase, plus an additional surge of 44.5%, leading to a rise in Bitcoin's price one year after the U.S. elections.
Based on this, TechDev noted that if BTC's price replicates the 4.51 times increase from the previous cycle, plus an additional 44.5% surge, it could reach $139,000. Earlier this month, on U.S. presidential election day, Bitcoin was trading at $69,400.
The U.S. presidential elections have historically been favorable for BTC prices, as this flagship cryptocurrency always sets new highs after each election cycle. It is also worth noting that Bitcoin has never dropped below its price on election day. Additionally, considering that the U.S. now has its first president who supports cryptocurrency, this election cycle looks more bullish than others.
Bitcoin's price reacted positively to Donald Trump's victory and has continued to rise since Trump defeated Kamala Harris. The flagship cryptocurrency is now targeting the $100,000 milestone, having surged over 37% since the beginning of this month.
What happens next when BTC hits the $100,000 milestone
Cryptocurrency analyst Ali Martinez provided insights into what might happen next after BTC price reaches the $100,000 milestone. In an X post, the analyst stated that Bitcoin's price action looks similar to December 2020. He added that the Relative Strength Index is almost identical to the one from December 2020.
If Bitcoin is to replicate the price action of that period, Martinez predicts that Bitcoin's price will rebound to $108,000 after hitting $100,000, then drop to $99,000, and continue to rise further to $135,000. Coincidentally, this is close to TechDev's target of $139,000 for Bitcoin.
According to data from CoinMarketCap, at the time of writing, Bitcoin's price is around $97,000, having increased by more than 5% in the past 24 hours.
