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Crypto analyst Ali Martinez has revealed what to do next the Bitcoin price to surpass its current all-time high (ATH) of $73,700. The analyst correctly predicted the recent price surge to $72,000, but then warned that the flagship crypto will not immediately reach its ATH.
How Bitcoin Price Can Reach a New ATH
Martinez mentioned in one X message that Bitcoin price needs to hold above the $69,000 support level to reach a new ATH. He claimed that a successful hold above that support level could lead to a price increase to $78,000. This came when he noticed that the Bitcoin price The movement went according to plan.
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Until now, Martinez had predicted that the Bitcoin price would rise to $72,000 if it stayed above $65,000, which eventually happened. At the time, he added that BTC would likely experience a pullback to $69,000 after this price, which has now happened, with the flagship crypto closed below $70,000 in October.
This price correction is believed to be healthy given the pump BTC enjoyed earlier this week which is close to its current ATH. This pump was followed by a wave of profit taking, including whales Bhutan, sales their BTC holdings to secure some profits. Ali Martínez indicated that the flagship crypto is still in bullish territory, as he alluded to BTC’s historic performance in November, a month in which it has seen more positive returns than negative.
In another X messagehe suggested that the Bitcoin price could go parabolic after the US elections. He shared a chart of BTC’s movement after the last three US presidential election and noted that he doesn’t expect it to be any different this time. Bitcoin hit a new ATH after that election, which could happen again.
How things could end after the American elections
Economist Alex Krüger has provided insight into how the Bitcoin price could move after the US elections. In one X messagehe claimed that there is a 55% chance that BTC will reach $90,000 by the end of the year if Donald Trump wins. This is based on the fact that the former US president has expressed his support for cryptocurrencies.
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Meanwhile, if Kamala Harris Krüger said there is a 45% chance that the Bitcoin price will trade at $65,000 by the end of the year. The economist estimated the weighted average of BTC’s price at $79,000.
He also told market participants to expect a rapid Bitcoin price increase if Trump wins. At the same time, he said he expects BTC to fluctuate between $65,000 and $68,000 on election night.
At the time of writing, the Bitcoin price is trading around $69,400, down over 3% in the past 24 hours. facts from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
