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Cryptoanalyst Ali Martinez has revealed what needs to happen next to bitcoin-price-november-70000/” rel=”nofollow”>the price of bitcoin to surpass its current all-time high (ATH) of $73,700. The analyst had correctly predicted the recent price rally to $72,000, but warned back then that the flagship cryptocurrency will not reach its ATH instantly.
How bitcoin Price Can Reach a New ATH
Martínez mentioned in a x.com/ali_charts/status/1852122881268076932″ rel=”nofollow”>x publication that bitcoin price must stay above the $69,000 support level to reach a new ATH. He stated that a successful hold above that support level could lead to a price rally to $78,000. This occurred when he noticed that the bitcoin price The movement was going according to plan.
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Until now, Martínez had predicted that the price of bitcoin would rise to $72,000 if it stayed above $65,000, which ultimately happened. Back then, he added that btc would likely experience a pullback to $69,000 after this price, which has also happened now, with the bitcoin-price/” rel=”nofollow”>flagship crypto closing in October below $70,000.
This price correction is believed to be healthy, considering the boom btc enjoyed earlier in the week, approaching its current ATH. This pump was followed by a wave of profit taking, with whales including bitcoin-binance/” rel=”nofollow”>Bhutan, selling your btc holdings to secure some profits. bitcoin-binance/” rel=”nofollow”>Alí Martínez indicated that the flagship cryptocurrency is still in bullish territory, as alluded to btc's historical performance in November, a month in which it has recorded more positive than negative returns.
in another x.com/ali_charts/status/1851705380163752282″ rel=”nofollow”>x publicationsuggested that the price of bitcoin could go parabolic after the US elections. He shared a chart of btc movement after the last three. bitcoin-taps-69000-with-bullish-setup-as-us-elections-near-new-ath-soon/” rel=”nofollow”>united states presidential elections and he stressed that he does not expect this time to be different. bitcoin hit a new ATH after those elections, which could happen again.
How it could develop after the US elections
Economist Alex Krüger has provided insight into how the price of bitcoin could move after the US elections. in a x.com/krugermacro/status/1852102110554284516″ rel=”nofollow”>x publicationstated that there is a 55% chance that btc will reach $90,000 by the end of the year if donald trump win. This is based on the fact that the former president of the United States has declared his support for cryptocurrencies.
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Meanwhile, yes Kamala Harris wins, Krüger mentioned that there is a 45% chance that the bitcoin price will trade at $65,000 by the end of the year. The economist placed the weighted average price of btc at $79,000.
He also told market participants to expect a quick bitcoin price rally if Trump wins. At the same time, he said he expects btc to range between $65,000 and $68,000 before election night.
At the time of writing, bitcoin price is trading at around $69,400, down more than 3% in the last 24 hours, according to bitcoin/” rel=”nofollow”>data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
