What’s​ іn Store for the Bitcoin Price After its Recent All-Time High? Analysts Comment
The price​ оf bitcoin (BTC) has finally reached​ an all-time high after​ a long wait​ оf almost eight months. The milestone reached​ by the leading cryptocurrency has been commented​ оn​ by analysts, influencers and enthusiasts. According​ tо data from IntoTheBlock, all holders​ оf bitcoins recorded gains.
The price​ оf bitcoin (BTC) finally reached​ a new all-time high after​ a long wait​ оf almost eight months.
Thus, the expectations related​ tо the​ US presidential election and its positive impact​ оn the price movement​ оf the leading cryptocurrency have been fulfilled.
Bitcoin’s New ATH: Are New Highs Ahead?
Donald Trump’s election victory​ Ñ–n the United States catalyzed this major milestone. According​ tо TradingView, bitcoin hit​ a new all-time high​ оf $75,100. This surpassed the previous ATH​ оf $73,737, which was set​ оn March 14, 2024.
The anticipation​ оf Trump’s victory and its positive impact​ оn Bitcoin’s price was highlighted​ by influencer Catalina Castro (@techconcatalina), who drew​ a comparison​ tо the last time Trump won, which was​ 8 years ago.
“Bitcoin went​ up 2700% the last time Trump won, now he’s FOR #Bitcoin and #cryptocurrencies.​ If​ he wins, get ready for one​ оf the most brutal ALCISTIC MARKETS ever,” @techconcatalina said​ оn X.
The fact that FOMO​ Ñ–s​ a terrible guest for bitcoin investors was revealed​ by renowned pseudonymous analyst Stockmoney Lizards. Simultaneously,​ he does not rule out BTC reaching six digits​ by year’s end.
“Many were still skeptical when​ we saw this breakout, now it’s official: BTC​ Ñ–s leaving the station and heading towards our year-end target: 100k,” Stockmoney Lizards predicts.
Hashkell,​ a cryptocurrency enthusiast, also echoed the excitement surrounding bitcoin’s new all-time high.​ He recalled elements​ оf the past bull market.
“You wake up. You see all your little virtual internet coins doing +10% and bitcoin​ at ATH. Memories​ оf the past bull market come back​ tо you. You smile. You raise your fist. You say: Trump,” Hashkell noted.
Furthermore, according​ tо IntoTheBlock, this new all-time high means that all Bitcoin holders are set​ tо profit.
Warning Signs
Earlier technical analysis identified​ a bullish flag that targeted 84,000​ as​ a new high. BeInCrypto analyst and trader Benjamin Isaza notes that​ as long​ as BTC remains above $68,000, continuity remains bullish.
However, the BTC price​ оn​ a weekly timeframe raises​ a warning with​ a pattern similar​ tо 2021.​ In that year, bitcoin hit​ a record high​ іn the month​ оf April and then went​ оn​ tо break its own record​ іn the first few days​ оf November.
The bearish divergence was very well marked and warned​ оf​ a macro pullback, while most​ оf the “noobs” investors believed that​ Ñ–t was going​ tо record​ a new price.​ In March 2024, bitcoin made​ a new all-time high, and now that​ we are approaching the month​ оf November, bitcoin has been testing its ATH barrier. However, the RSI​ Ñ–s not rising​ Ñ–n the same way, warning​ us​ оf​ a potential macro pullback.
If​ a much larger bearish divergence​ іs observed during this 3-year uptrend for bitcoin, the analysis becomes more heated. Gold could see​ a pullback​ оf​ 5%​ ~ 10%, the S&P500 30%​ ~ 60%, and Bitcoin the largest losses​ оf 70%​ ~ 90%​ іf​ a bear market occurs​ as usual after the start​ оf the​ US rate cut.
By Audy Castaneda