Crypto analyst TechDev has predicted that the Bitcoin price could rally to as high as $139,000 in this market cycle. The analyst made this prediction based on previous election cycles, which were also bullish for the flagship crypto.
In an X post, TechDev predicted that the Bitcoin price could reach $139,000 in this bull run based on previous election cycles. In 2012, the Bitcoin price was $10 on election day, and a year later, BTC witnessed a 22.7x increase as it rallied to $245. In 2016, Bitcoin was $710 on election day and then recorded a 10.12x increase as it rallied to $7,200.
Meanwhile, in 2020, the Bitcoin price was at $13,588 on election day. Then, it witnessed a 4.51x increase and rallied to $61,300 a year later. The analyst highlighted a pattern whereby Bitcoin’s price replicates its increase from the previous cycle plus an additional 44.5% surge, which led to Bitcoin’s price a year after the US elections.
Based on this, TechDev noted that the BTC price could reach $139,000 if it replicates its 4.51x increase from the previous cycle plus an additional 44.5% surge. Bitcoin was trading at $69,400 on the day of the US presidential elections earlier this month.
The US presidential elections have historically been bullish for the BTC price as the flagship crypto always hits new highs after every election cycle. It is also worth mentioning that Bitcoin never dropped below its price on election day. Moreover, this election cycle looks more bullish than others, considering the US now has its first-ever pro-crypto president.
The Bitcoin price has reacted positively to Donald Trump’s victory, continuing to pump since Trump defeated Kamala Harris. The flagship crypto is now eyeing the $100,000 milestone, having surged over 37% since the start of this month.
Crypto analyst Ali Martinez has provided insights into what could happen next after the BTC price hits the $100,000 milestone. In an X post, the analyst said that Bitcoin’s price action looks like it did in December 2020. He added that the Relative Strength Index is also nearly identical to the one in December 2020.
If Bitcoin is to replicate the price action from that period, Martinez predicts that the Bitcoin price will rally to $108,000 after it hits $100,000 and then drop to $99,000 before it continues its uptrend and further rally to $135,000. Coincidentally, this comes close to TechDev’s target of $139,000 for Bitcoin.
At the time of writing, the Bitcoin price is trading at around $97,000, up over 5% in the last 24 hours, according to data from CoinMarketCap.
[#item_full_content]NewsBTCRead More
Heavy supply concentration and large options positioning continue to suppress volatility and keep bitcoin range-bound.Read…
As Bitcoin (BTC) recovers from its recent drop below the $75,000 support, some market observers…
Bitcoin’s recent drop below key support may have been more than just a bearish breakdown.…
Enflux says “the bid is there” but no one is adding size, while Glassnode data…
A closely watched on-chain indicator has returned to a range that has marked major turning…
Bitcoin price started a downside correction from the $78,000 zone. BTC is consolidating and might…