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Bitcoin’s Current Price Action Sets Stage For 30% Rally, Says Crypto Analyst

Bitcoin recent price movements amid the US presidential election 2024 have led to its price currently standing at around $69,092, following a drop below the $70,000 level last week. This relatively low volatility has marked a calm period for Bitcoin, allowing it to stabilize in the $68,000 to $69,000 range over the past few days. The steady price trend has prompted analysts to forecast possible upward movement, pointing to various technical patterns and indicators suggesting a potential rally. Related Reading: Bitcoin May Slide To $65,000 As Critical Support Level Fails – Details 30% Bitcoin Rally In Play Among the analysts forecasting bullish momentum for Bitcoin, a renowned crypto analyst known as Captain Faibik recently shared insights on X regarding a technical pattern called a “Descending Broadening Wedge.” Faibik highlighted that Bitcoin has completed a breakout from this pattern on a weekly chart and is now in a “retest” phase. A Descending Broadening Wedge is typically considered a bullish reversal pattern in technical analysis. The pattern forms as price action creates lower highs and lower lows within diverging trendlines, implying that the downward momentum may weaken. If the price breaks upward through the resistance, it can indicate that the asset will likely see a price surge. Faibik expects a successful retest of the recent breakout of this pattern from BTC and has set a midterm target of $88,000, forecasting a potential 30% increase in Bitcoin’s value by the end of the year. Bullish Divergence And Long-Term Holder Behaviour Alongside Faibik’s observations, another well-known analyst, Javon Marks, pointed to signs of bullish divergence on Bitcoin’s chart. In technical analysis, bullish divergence occurs when an asset’s price makes lower lows while a technical indicator, such as the Relative Strength Index (RSI), creates higher lows. This divergence can suggest a potential reversal as buying momentum begins to build. According to Marks, this divergence indicates that Bitcoin’s bulls may be preparing for a move, which could translate to regained dominance in the market. Marks’ view supports the possibility of an upward trend in the medium term, even if the short-term market conditions seem uncertain. Meanwhile, IntoTheBlock, a prominent blockchain analytics firm, recently reported interesting trends in Bitcoin’s holder’s balance metrics. Related Reading: Bitcoin Long-Term Holders Offload Over 177k BTC: Is A Price Surge Or Correction Next? According to their data, while long-term Bitcoin holders are currently selling, the scale of these sell-offs appears moderate compared to previous bull cycles. In prior cycles, long-term holders often sold more aggressively, signaling a peak in market sentiment. This time, however, the selling trend among long-term holders has been more restrained, which may reflect a cautious approach amid Bitcoin’s current market conditions. IntoTheBlock speculates that this cautious behavior could signal a shift in the cycle dynamics, potentially pointing to a new market phase for Bitcoin. Featured image created with DALL-E, Chart from TradingView CoinTurk News

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Bitcoin At $200,000 By 2025? Bernstein Predicts Target Despite Election Impact

Less than a day before the polls closed in the United States, crypto analysts continued to offer their two cents on the future of Bitcoin and cryptocurrencies. For example, many Wall Street analysts say wild BTC market prices will continue after the elections. Other analysts and observers have shared their price predictions based on who will win this Tuesday. Related Reading: Why One Analyst Says Now’s The Time To Buy XRP—Before It Hits $14 Gautam Chhugani of the Berstein Group projects that Bitcoin can increase to $80,000 or even $90,000 if the Republican Donald Trump wins the election. If Kamala Harris wins the polls, Chhugani expects the BTC price to dip to $50,000. But Bernstein didn’t stop making Bitcoin predictions immediately after the election; the group remains bullish on Bitcoin in the short term and expects the digital asset to hit $200,000 by 2025. According to Bernstein analysts, the other key factors driving Bitcoin’s price are the increasing demand for spot BTC ETFs and rising US debts. Bernstein Adjusts BTC Price Predictions: $50K Under Harris, $80-90K With Trump Bernstein analysts have adjusted their Bitcoin price estimates based on the potential outcomes of the upcoming U.S. election. If Harris wins, they foresee Bitcoin dropping to around $50,000, while a… pic.twitter.com/Z1zJ21aJ48 — The Wolf Of All Streets (@scottmelker) November 4, 2024 Bernstein’s Bullish Outlook For Bitcoin Next Year Analysts at Bernstein are betting on Bitcoin and expect its price to reach $200,000 by the end of next year, regardless of the election results. Gautam Chhugani made this bold prediction days before the Americans visited the polls and added that the results would not impact the long-term outlook for the asset. The analyst’s bullish project on Bitcoin is anchored on several factors. He even likened the asset to a “genie out of the bottle” and said stopping its price trajectory is difficult. Chhugani identified a few factors that can drive the asset’s price, including increased interest on the BTC ETFs and higher government’s national debt. Last month, Bernstein’s top analyst targeted $100k for Bitcoin but soon revised his projection to reflect changes in market trends. BTC’s Erratic Price Action Ahead Of Elections This year’s election battle between Trump and Harris is among the most highly debated and anticipated. In addition to traditional polling, data from betting markets like Polymarket became famous, too. For example, at Polymarket, Trump remains the favorite, cornering 63% of all wagers, with Harris getting 38%. Bernstein analysts say that regardless of the results, the asset will have short-term price movements. However, they expect BTC to benefit more from a Trump win. In the same Bernstein analysis, Bitcoin may increase to $90,000 if the Republican wins. Currently, Bitcoin’s price has dropped to $69k to $68k due to profit-taking. Also, analysts noted the weak inflows this week to ETFs. Most analysts agree that Bitcoin is still poised for an end-of-the-year rally. Related Reading: Bitcoin Mining Costs Spike To Nearly $50K As Miners Look To AI For Survival US Election Results Can Impact Other Digital Assets The US elections affect other digital assets besides Bitcoin. For example, in a Harris presidency, Ether may gain due to heightened regulations that can limit the performance of its competition, like Solana. However, Chhuhani offers a differing view, saying if the SEC adopts moderate policies, these can propel Bitcoin and other assets. This year’s election cycle puts crypto and the blockchain at the center of debates. Both candidates have shared their thoughts on crypto, with Trump offering more crypto-friendly solutions. Initially, Democrat Harris was reluctant to offer policy proposals, but she shifted her tone as the campaign moved forward. Featured image from Invezz, chart from TradingView CoinTurk News