Bitcoin has increased in price. hit The crypto market has reached a new All-Time High. Bitcoin has seen a spectacular rally that’s exceeded $75,000. experiencing considerable momentumThe market is primarily driven by the sentiment of investors surrounding the US elections. Crypto analyst, who correctly predicted Bitcoin’s rise to $75,000. has set a price target of $20,000 for the cryptocurrency pioneer.
Analyst Sets $170,000 Bitcoin Price Target
TradingShot is a cryptocurrency analyst at TradingView. released This is a short Bitcoin analysis, which uses historical trends to make predictions. a new all-time high Bitcoin has a value of around $170,000. An analyst revealed, by sharing a chart showing Bitcoin’s movements between 2022 and the present day, that Bitcoin had tested its 1-week Moving Average on August 5 – a mark that hadn’t been attained since March 12 2003.
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This crucial level has been the trendline of support for previous cycles that indicated a possible bull market. TradingShot showed that, after nearly 20 years of trading in the market, the Bitcoin price The trend line was finally held twice. last-week rally The price of the car was tested at $73,800.
This price spike was also referred to as a very bullish movement, showing a robust market for Bitcoin. The price surge of $73,800 Bitcoin occurred only two days before US Presidential elections. historically known to trigger explosive rallies Bitcoin.
Crypto Rover is a market expert who has joined X, formerly Twitter notes Bitcoin’s average price has risen by 1,563% since the last US election. Bitcoin rose by 2,714% and reached $15,000 in 2016. US Presidential elections. In 2020, cryptocurrency also soared 400% and reached $40,000 following the election. Bitcoin has clearly been on an upward trend since the US Presidential elections that ended on November 4th.
TradingShot suggests that, given the timing, this pattern could repeat, suggesting that Bitcoin is entering an explosive period. The analyst, based on Fibonacci and chart analysis, has set a target price of $170,000, which is approximately 1.618%. Fibonacci extensions From its current ATH.
Bitcoin is currently valued at $73,715. given up some gainsA surge of $170,000 represents a 130.55% increase.
BTC Price Finally Reaches Anticipated Level
You can also find out more about Bitcoin finally reaching a new ATH Ali Martinez, a crypto analyst who has been speculating and anticipating for months now, is finally able to reveal the truth about cryptocurrency. disclosed This surge in price signals that cryptocurrency is now entering its discovery phase.
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You can also find out more about the A-Team here. Bitcoin price discovery The market will determine the price or value based on the dynamics of supply and demand. Martinez, in spite of the recent achievement, revealed that some investors were trying to short Bitcoin and are liquidating their Bitcoin holdings.
Analysts predict that $210 million in Bitcoin could be liquidated if the price of Bitcoin reaches the high $75,550.
Featured Image created using Dall.E and chart from Tradingview.com
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Source: www.newsbtc.com
