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Crypto analyst TechDev has predicted that the Bitcoin price could rise to $139,000 in this market cycle. The analyst made this prediction based on previous election cycles, which were also bullish for the flagship crypto.
Bitcoin price reaches $139,000 based on previous election cycles
In an X-post, TechDev predicted that Bitcoin price could reach $139,000 in this bull run based on previous election cycles. In 2012, the Bitcoin price on Election Day was $10, and a year later, BTC witnessed a 22.7x increase as the price rose to $245. In 2016, Bitcoin hit $710 on Election Day and then registered a 10.12x increase as it rose to $7,200.
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Meanwhile, the Bitcoin price in 2020 was $13,588 on Election Day. After that, it saw a 4.51x increase and a year later it rose to $61,300. The analyst highlighted a pattern where Bitcoin’s price replicates the increase from the previous cycle, plus an additional 44.5% increase, leading to Bitcoin’s price a year after the US election.
Based on this, TechDev noted that the BTC price could reach $139,000 if it were to repeat the 4.51x increase from the previous cycle, plus an additional 44.5% increase. Bitcoin was trading at $69,400 on the day US presidential election earlier this month.
The US presidential election 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 fell below its price on Election Day. Furthermore, this election cycle is looking more bullish than others as the US now has its first-ever pro-crypto president.
Bitcoin price has responded positively Donald Trump’s victorywhich has kept pumping since Trump defeated Kamala Harris. The flagship crypto is now eyeing the $100,000 mark after rising more than 37% since the start of this month.
What happens next when BTC reaches the $100,000 milestone?
Crypto analyst Ali Martinez has provided insight into what could happen after the BTC price hits the $100,000 milestone. In one X messagethe analyst said that Bitcoin’s price action is similar to that of December 2020. He added that the Relative Strength Index is also almost identical to that of December 2020.
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If Bitcoin is to replicate the price action from that period, Martinez predicts the Bitcoin price will rise to $108,000 next. reaches $100,000 and then drop to $99,000 before continuing its uptrend and rising further to $135,000. Coincidentally, this is close to TechDev’s target of $139,000 for Bitcoin.
At the time of writing, the Bitcoin price is trading around $97,000, up more than 5% in the last 24 hours. facts from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com