Cryptocurrency analysts say Bitcoin is still on a strong upward trajectory after Donald Trump regained the U.S. presidency through a historic victory over U.S. Vice President Kamala Harris.
The price trajectory of Bitcoin has been the subject of much speculation in recent weeks, but with the election of a prominent cryptocurrency-supporting candidate, it seems BTC is heading in an upward direction.
At the time of writing, Bitcoin is trading at $76,033, up 1.7% and 9.5% on the daily and weekly time frames, data from Coingecko shows. This figure marks a new all-time high for Bitcoin.
Bitcoin: Is $85,000 feasible?
A well-known cryptocurrency analyst predicts that Bitcoin will soon reach $85,000, claiming that this price surge will be driven by Trump's return to the White House.
In a post, Ali Martinez stated that this first cryptocurrency is 'performing as expected'. Martinez predicts that Bitcoin will reach $78,000 but will drop to $71,500 before soaring to an all-time high of $85,000.
Martinez ensures that although this currency has undergone a short correction, the price trajectory of BTC is still on track, noting that the price of this currency has stabilized at $74,812 after reaching an all-time high of $76,493.
In a previous post, Martinez stated that Bitcoin 'is proceeding as planned'. He mentioned that BTC will rise to $72,000, then drop to $69,000 before soaring to $78,000.
The bullish trend of BTC
Another market observer predicts a high likelihood that Bitcoin will increase by 30% to 40%, but he does not see this cryptocurrency repeating the 368% increase that occurred in previous cycles.
Ki Young Ju from CryptoQuant made predictions after BTC reached $75,000, which he believes was heavily influenced by the U.S. election results.
Ju explains that this triggered the price surge to that level, making Bitcoin one of the largest financial assets in terms of market capitalization.
Ju calls on investors to subtly take profits during 'extreme pain' phases – essential for understanding BTC's market dynamics.
He noted that Bitcoin has cyclical characteristics, explaining that new traders often incur losses when the market declines. After two years, investors see their digital assets change hands as the 'extreme pain' phase subsides.
However, some analysts predict that BTC prices may cool off after the recent price surge, stating that prices have broken the upper Bollinger band, signaling overbought conditions.
They argue that there may be increasing selling pressure and profit-taking due to the emergence of red candle patterns.
BTC was once in overbought territory or above 70 on the Relative Strength Index (RSI) chart, but currently, the price has dropped to 67.34, indicating 'loss of bullish momentum' and potential price correction.
