Bitcoin Price ATH Set To Cross $139,000 According To Previous Election Cycles
Cryptocurrency Analyst TechDev It is predicted that the price of Bitcoin may rise to $139,000 during this market cycle. The analyst made this prediction based on previous election cycles that were also bullish on the flagship cryptocurrency.
Based on previous election cycles, Bitcoin price will reach $139,000
In an X post, TechDev predicted that the price of Bitcoin could reach $139,000 in this bull run, based on previous predictions election cycle. In 2012, the price of Bitcoin was $10 on election day. One year later, the price of Bitcoin increased 22.7 times to $245. In 2016, Bitcoin was priced at $710 on Election Day and subsequently increased 10.12 times to $7,200.
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Meanwhile, on Election Day 2020, the price of Bitcoin was $13,588. It then witnessed a 4.51x growth, rebounding to $61,300 a year later. The analyst highlighted a pattern in which Bitcoin’s price replicated the previous cycle’s gains and surged an additional 44.5%, leading to a rise in Bitcoin’s price one year after the U.S. election.
Based on this, TechDev pointed out that if the price of BTC replicates the 4.51 times increase in the previous cycle, plus an additional 44.5% increase, it may reach $139,000. Bitcoin trades at $69,400 on the day US presidential election earlier this month.
this US presidential election Bitcoin prices have historically been bullish, as the flagship cryptocurrency has always hit new highs after every election cycle. It’s also worth mentioning that Bitcoin never dropped below its price on Election Day. Additionally, this election cycle looks more optimistic than others, considering that the United States now has its first pro-cryptocurrency president.
Bitcoin price reacted positively to this donald trump’s victoryThe pumping continues since Trump defeated Kamala Harris. The flagship cryptocurrency is currently targeting the $100,000 milestone, having surged more than 37% since the beginning of the month.
What happens next when BTC reaches $100,000 milestone
Cryptocurrency Analyst Ali Martinez Provides insights into what might happen next after BTC price reaches the $100,000 milestone. in a X postsThe analyst said that Bitcoin’s price action looks similar to what happened in December 2020. The relative strength index is also almost the same as in December 2020, he added.
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Martinez predicts that Bitcoin price will rebound to $108,000 during this period if Bitcoin replicates its price action during that period. Reach US$100,000 It then dropped to $99,000 before continuing the uptrend and rebounding further to $135,000. Coincidentally, this is close to TechDev’s Bitcoin target of $139,000.
According to statistics, as of this writing, Bitcoin price is around $97,000, up more than 5% in the past 24 hours data From CoinMarketCap.
Featured image created using Dall.E, chart from Tradingview.com
