Crypto analyst TechDev has predicted that the Bitcoin worth might rally to as excessive as $139,000 on this market cycle. The analyst made this prediction primarily based on earlier election cycles, which have been additionally bullish for the flagship crypto.
Bitcoin Worth To Attain $139,000 Primarily based On Earlier Election Cycles
In an X submit, TechDev predicted that the Bitcoin worth might attain $139,000 on this bull run primarily based on earlier election cycles. In 2012, the Bitcoin worth was $10 on election day, and a 12 months later, BTC witnessed a 22.7x improve because it rallied to $245. In 2016, Bitcoin was $710 on election day after which recorded a ten.12x improve because it rallied to $7,200.
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In the meantime, in 2020, the Bitcoin worth was at $13,588 on election day. Then, it witnessed a 4.51x improve and rallied to $61,300 a 12 months later. The analyst highlighted a sample whereby Bitcoin’s worth replicates its improve from the earlier cycle plus a further 44.5% surge, which led to Bitcoin’s worth a 12 months after the US elections.
Primarily based on this, TechDev famous that the BTC worth might attain $139,000 if it replicates its 4.51x improve from the earlier cycle plus a further 44.5% surge. Bitcoin was buying and selling at $69,400 on the day of the US presidential elections earlier this month.
The US presidential elections have traditionally been bullish for the BTC worth because the flagship crypto at all times hits new highs after each election cycle. It’s also value mentioning that Bitcoin by no means dropped under its worth on election day. Furthermore, this election cycle seems extra bullish than others, contemplating the US now has its first-ever pro-crypto president.
The Bitcoin worth has reacted positively to Donald Trump’s victory, persevering with to pump since Trump defeated Kamala Harris. The flagship crypto is now eyeing the $100,000 milestone, having surged over 37% for the reason that begin of this month.
What Occurs Subsequent When BTC Hits The $100,000 Milestone
Crypto analyst Ali Martinez has offered insights into what might occur subsequent after the BTC worth hits the $100,000 milestone. In an X post, the analyst stated that Bitcoin’s worth motion seems prefer it did in December 2020. He added that the Relative Power Index can be practically similar to the one in December 2020.
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If Bitcoin is to duplicate the value motion from that interval, Martinez predicts that the Bitcoin worth will rally to $108,000 after it hits $100,000 after which drop to $99,000 earlier than it continues its uptrend and additional rally to $135,000. Coincidentally, this comes near TechDev’s goal of $139,000 for Bitcoin.
On the time of writing, the Bitcoin worth is buying and selling at round $97,000, up over 5% within the final 24 hours, in accordance with data from CoinMarketCap.
Featured picture created with Dall.E, chart from Tradingview.com