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Considering <a target="_blank" href="https://bitcoinist.com/bitcoin-is-facing-a-correction-but-remains-bullish-metrics-confirm-further-upside/amp/” rel=”nofollow”>bitcoin's constant bullish momentum Following Donald Trump's victory in the US presidential election, a crypto analyst believes that if this upward trend continues, the price of bitcoin could reach $245,000 in this cycle. The analyst has provided the timeline for this mega price jump, using log chart patterns and historical data to support his <a target="_blank" href="https://bitcoinist.com/is-bitcoin-price-top-a-146000-cryptoquant-thinks-so/amp/” rel=”nofollow”>optimistic projection.
When the price of bitcoin will reach $245,000
TradingView cryptocurrency analyst Behdark has published a <a target="_blank" href="https://www.tradingview.com/chart/BTCUSD/B7nPGQpl-Will-bitcoin-s-price-reach-245K/”>report which provides a technical overview of recent bitcoin price trends and possible future moves. This detailed analysis is based on a two week (2 week) time period on a chart that presents complete data on the bitcoin price action.
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Looking at the bitcoin chart, Behdark highlighted that the pioneering cryptocurrency was moving within a valid price channel, where the channel's midline and resistance trend lines are drawn from previous highs. These trend lines point to a potential target price between $245,000 and $250,000 by 2025.
The analyst acknowledged that he had previously set a medium- and long-term price target of $169,000 for bitcoin, but revised his projection to $245,000. At the time of writing, bitcoin is trading at $95,107, which is a slight drop of 2.18% in the last 24 hours. If the cryptocurrency rises to $245,000, it would represent a whopping 157% price increase from its current value.
Behdark's optimistic bitcoin projections They are based on analysis of logarithmic charts and price channels, which are particularly useful for analyzing cryptocurrencies. These graphs help identify sustainable market trends for a cryptocurrency in medium to long term periods.
Going forward, the analyst revealed that bitcoin has successfully broken and exceeded critical resistance levels between the range of $77,000 and $78,000, indicating a <a target="_blank" href="https://bitcoinist.com/on-chain-data-reveals-bitcoin-whales-arent-selling-investors-see-long-term-potential/amp/” rel=”nofollow”>change in market sentiment. This previous resistance range has now passed into a price floor, which will act as a support level for bitcoin.
Yeah <a target="_blank" href="https://bitcoinist.com/bitcoin-correction-looms-as-analyst-predicts-85600/amp/” rel=”nofollow”>bitcoin price fallsBehdark has revealed that the cryptocurrency will likely retest this broken resistance level. Furthermore, bitcoin price action is showing a Gap on the Chicago Mercantile Exchange (CME) of around $77,000, which, if filled, could reinforce bullish sentiment and reignite bitcoin's bullish momentum.
Trump's presidency will influence the crypto market
In his analysis of the bitcoin price, Behdark also indicated that a <a target="_blank" href="https://bitcoinist.com/bitcoin-price-presidential-elections/amp/” rel=”nofollow”>trump presidency could significantly influence the future trajectory of bitcoin. The analyst pointed out that <a target="_blank" href="https://www.euronews.com/business/2024/11/21/bitcoin-reaches-all-time-high-as-trump-support-for-crypto-gathers-pace” rel=”nofollow”>Trump's support for cryptocurrencies and his upcoming four-year presidential regime could have a favorable impact on the cryptocurrency market.
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Behdark believes that favorable political conditions could boost cryptocurrency adoption and significantly trigger a sharp rise in the market capitalization of digital assets like bitcoin. He further suggested that considerable profits would be made but that investors should be aware and patient regarding risk management during its bull cycle.
Featured image created with Dall.E, chart from Tradingview.com
