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Whereas Bitcoin’s steady bullish momentum Following Donald Trump’s victory in the US presidential election, one crypto analyst believes that continuing this uptrend could see the Bitcoin price reach $245,000 this cycle. The analyst has laid out the timeline for this mega price jump, using logarithmic chart patterns and historical data to support his view optimistic projection.
When the Bitcoin price will reach $245,000
TradingView crypto analyst Behdark has a report which provides a technical overview of recent Bitcoin price trends and possible future movements. This detailed analysis is based on a two-week (2W) time frame on a chart that provides complete data on the Bitcoin price action.
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Looking at the Bitcoin chart, Behdark highlighted that the pioneer cryptocurrency was moving within a valid price channel, with the channel’s midline and resistance trendlines derived from previous highs. These trend lines point to a potential price target between $245,000 and $250,000 in 2025.
The analyst acknowledged that he previously set a medium-to-long-term price target of $169,000 for Bitcoin, but adjusted his projection to $245,000. At the time of writing, Bitcoin is trading at $95,107, marking a slight decline of 2.18% in the past 24 hours. If the cryptocurrency rises to $245,000, it would represent a massive 157% increase in price from its current value.
Behdarks optimistic projections of Bitcoin are based on analyzes of logarithmic charts and price channels, which are especially useful in analyzing cryptocurrencies. These charts help identify sustainable market trends for a cryptocurrency over medium to long term periods.
Looking ahead, the analyst revealed that Bitcoin has successfully broken and critical resistance levels exceeded between $77,000 and $78,000, indicating a shift in market sentiment. This previous resistance range has now transitioned into a price bottom, which will act as a support level for Bitcoin.
If The price of Bitcoin is fallingBehdark has revealed that the cryptocurrency is likely to retest this broken resistance level. Moreover, Bitcoin price action is showing a The hole in the Chicago Mercantile Exchange (CME). of around $77,000, which if filled could strengthen bullish sentiment and reactivate Bitcoin’s upward momentum.
Trump presidency to influence crypto market
In his Bitcoin price analysis, Behdark also indicated that a Trump’s presidency could significantly impact Bitcoin’s future trajectory. The analyst noticed this Trump’s support for cryptocurrencies and his upcoming four-year presidential regime could have a beneficial impact on the crypto market.
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Behdark believes that favorable political conditions could boost the adoption of cryptocurrencies and cause a significant increase in the market capitalization of digital assets like Bitcoin. He further suggested that significant profits would be made, but investors would have to be careful and patient about risk management during its bull cycle.
Featured image created with Dall.E, chart from Tradingview.com