The Bitcoin price has hit a new All-Time High (ATH), marking a historical milestone in the crypto market. With a remarkable rally surpassing $75,000, Bitcoin is experiencing considerable momentum, driven primarily by market sentiment surrounding the US elections. A crypto analyst who had accurately predicted Bitcoin’s rise to $75,000 has now set a new price target for the pioneer cryptocurrency, anticipating further bullish movement.
TradingShot, a crypto analyst on TradingView, has released a brief Bitcoin analysis report, referencing historical trends to predict a new all-time high of $170,000 for Bitcoin. Sharing a price chart depicting Bitcoin’s price movements from 2022 to the present, the analyst disclosed that on August 5, Bitcoin was testing the 1-week Moving Average (MA50), a level that has never been reached since March 12, 2003.
In previous market cycles, this crucial level was the absolute supporting trendline that signaled a potential bull market. TradingShot revealed that after almost 20 years, the Bitcoin price was finally able to hold this key trendline not once but twice, leading to its last-week rally that saw its price testing the $73,800 mark.
The analyst also highlighted that this price surge was an incredibly bullish move, indicating a strong market for Bitcoin. Moreover, the $73,800 Bitcoin price increase occurred just two days before the US Presidential elections, a period historically known to trigger explosive rallies for Bitcoin.
Market expert Crypto Rover on X (formerly Twitter) notes that Bitcoin has experienced a total average price pump of 1,563% following the previous US elections. In 2016, Bitcoin rallied 2,714%, exceeding $15,000 after the US Presidential elections. Similarly, in 2020, the cryptocurrency soared over 400%, surpassing $40,000 after the elections. Now, Bitcoin is clearly on a significant uptrend after the just-concluded US presidential elections on November 4.
Given the timing of these rallies, TradingShot has suggested that a similar pattern may be repeating, implying that Bitcoin could be entering a period of explosive growth. Based on chart analysis and Fibonacci levels, the analyst has projected a new target of $170,000 for Bitcoin, representing approximately 1.618 Fibonacci extensions from its current ATH.
With the Bitcoin price currently trading at $73,715, having given up some gains, a surge to $170,000 would represent a 130,55% increase.
With Bitcoin finally reaching a new ATH after months of speculation and anticipation, crypto analyst Ali Martinez has disclosed that this surge signals the cryptocurrency’s entry into its price discovery.
A Bitcoin price discovery refers to how the market determines the current value or price based on supply and demand dynamics. Despite the new achievement, Martinez has revealed that investors are attempting to short Bitcoin by liquidating their holdings and cashing out profits.
As a result, the analyst predicts that if Bitcoin goes back to the $75,550 price high, $210 million could be liquidated from the market.
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