What It Will Take for Bitcoin to Surpass Its All-Time High
Crypto analyst Ali Martinez has identified key factors for Bitcoin to surpass its all-time high of $73,700. After accurately predicting a surge to around $72,000, he warned that Bitcoin wouldn’t reach this peak immediately. Martinez emphasized that Bitcoin must hold above the $69,000 support level to target a rise to $78,000, noting that recent price movements are following his expectations.
So far, #Bitcoin is going according to plan!
After moving up to $72,000, $BTC is now testing the $69,000 support zone. If this level holds, #BTC could rise to $78,000! https://t.co/e2mDs2DTij pic.twitter.com/W0OyNaoKw1
— Ali (@ali_charts) October 31, 2024
Previously, he forecasted that Bitcoin would rise to $72,000 if it maintained levels above $65,000, which occurred, followed by a pullback to $69,000 as Bitcoin closed October below $70,000. This correction is seen as a normal reaction after earlier gains, during which major investors, including those from Bhutan, secured profits.
Martinez remains optimistic about Bitcoin’s bullish trajectory, especially with November historically favoring positive returns. He also suggested that Bitcoin could see significant growth after the upcoming U.S. elections, referencing past instances of post-election highs.
Economist Alex Krüger added insights, stating a 55% chance Bitcoin could hit $90,000 if Donald Trump wins, given his pro-cryptocurrency stance. In contrast, if Kamala Harris wins, he estimates a 45% probability that Bitcoin could drop to around $65,000. He placed the weighted average price at approximately $79,000 and advised investors to expect volatility leading up to the elections, predicting Bitcoin will trade between $65,000 and $68,000.
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