Bitcoin started the new week in an uptrend, signaling a return of bullish sentiment among crypto investors. This bullish sentiment has continued to propel the price, with $70,000 remaining the main target as of now. According to an analyst, this recovery signals the beginning of the final wave, namely Wave 5, which could send the BTC price back to the ATH price.
Analyst Says Bitcoin Price Could Reach $72,000
In a trading view aftercrypto analyst Arthur Signals shared an interesting analysis of the Bitcoin price and said that the cryptocurrency has entered the latest Wave 5. The analysis goes through BTC’s performance in the month of July and identifies the beginning of Wave 1 when the price first rose from the low below $54,000.
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Moving forward, Wave 2 occurred, with the crash falling from $60,000 to $56,000. Wave 3 followed immediately after with a rise above $65,000, while Wave 4 was the drop to $63,000 recorded over the weekend.
The current leaves only Wave 5, which is generally the most bullish of all waves. With this latest wave, the crypto analyst expects Bitcoin’s price to eventually rise above $70,000 and rise to the current all-time high of $73,000.
However, for the BTC price to properly complete this move, it must break the peak of $68,275 recorded on Sunday. From here, Bitcoin price should create a new peak to confirm the breakout, which has a $72,000 target from the crypto analyst.
World events that could cause the BTC price to rise
While the wave formations on the Bitcoin chart paint a bullish picture for the price, there are also other developments that are bullish for the price, and one of them is the US presidential election. On Sunday, incumbent President Joe Biden announced he was withdrawing from the race, endorsing Vice President Kamala Harris to run for the Democratic primary.
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This development has been bullish so far as the market now expects a win for Donald Trump, who has been open about his support for cryptocurrencies. “Biden’s announcement, after some unexpected volatility, has given Bitcoin some bullish momentum as the market strengthens its confidence in a Republican election victory,” Arthur Signals said in the post.
If Trump wins the elections, which will take place in November, this will be a positive development for crypto. Trump has expressed support for Bitcoin, hinting at its use for treasure purposes. This, in addition to rumors that Trump is considering BlackRock CEO Larry Fink for Treasury Secretary, has led to bullish expectations for Bitcoin this year.
Featured image created with Dall.E, chart from Tradingview.com
