bitcoin started the new week on an uptrend, indicating a return of bullish sentiment among cryptocurrency investors. This bullish sentiment has continued to propel the price forward, with $70,000 remaining the main target as of now. According to one analyst, this recovery signals the entry into the final wave, which is wave 5, which could see the btc price return to its ATH price.
bitcoin price could reach $72,000, analyst says
In a business meeting btc/”>mailCryptocurrency analyst Arthur Signals shared an interesting analysis of the bitcoin price, saying that the cryptocurrency has entered the latest Wave 5. The analysis reviews btc’s performance in the month of July, identifying the start of Wave 1 when the price first rose from its lows below $54,000.
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The second wave then followed, with a drop from $60,000 to $56,000. The third wave followed immediately after with a surge above $65,000, while the fourth wave was the drop to $63,000 recorded over the weekend.
The current trend leaves only wave 5, which is usually the most bullish of all waves. With this final wave, the cryptocurrency analyst expects the bitcoin price to finally break above $70,000 and rise towards its current all-time high of $73,000.
However, for the btc price to successfully complete this move, it needs to break the $68,275 peak that was recorded on Sunday. From here, the bitcoin price would need to create a new peak to confirm the breakout, which has a target of $72,000 according to the cryptocurrency analyst.
World events that could cause btc price to skyrocket
While the wave formations on the bitcoin chart paint a bullish picture for the price, there are also other developments that are bullish for the price, and one of them is the US presidential election. On Sunday, incumbent President Joe Biden announced that he was withdrawing from the race, giving his support to Vice President Kamala Harris to run as the Democratic candidate.
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So far, this development has been bullish as the market now expects a victory for Donald Trump, who has been vocal in his support for cryptocurrencies. “Biden’s announcement, after some unexpected volatility, has given bitcoin a bullish boost as the market strengthens its confidence in a Republican election victory,” Arthur Signals noted in the post.
If Trump emerges victorious in the election, which is due to be held in November, it will be a positive development for cryptocurrencies. Trump has declared his support for bitcoin, hinting that he will use it for treasury purposes. This, in addition to rumors that Trump is considering BlackRock CEO Larry Fink as Treasury Secretary, has led to bullish expectations for bitcoin this year.
Featured image created with Dall.E, chart from Tradingview.com
