Bitcoin\u2019s price trajectory has been the subject of many speculations in the last few weeks but with the election of a known pro-crypto candidate, it seems BTC is moving in the upward direction.<\/p>\n
At the time of writing, BItcoin was trading at $76,033, up 1.7% and 9.5% in the daily and weekly timeframes, data from Coingecko shows. The figure marks bitcoin new all-time high.<\/a><\/p>\n A prominent crypto analyst suggested that Bitcoin will soon reach $85,000, claiming that the price surge will be fueled by Trump\u2019s return to the White House.<\/p>\n In a post, Ali Martinez said that the firstborn cryptocurrency is \u201cplaying as predicted.\u201d Martinez predicted that Bitcoin would hit $78,000 but would fall to $71,500 before soaring to an all-time high of $85,000.<\/p>\n This is playing as predicted. I think #Bitcoin<\/a> hits $78,000, retraces to $71,500 and then rebounds to $85,000! https:\/\/t.co\/8xKUNGZYI8<\/a><\/p>\n \u2014 Ali (@ali_charts) November 6, 2024<\/a><\/p><\/blockquote>\n Martinez assured that despite the coin experiencing brief pullbacks, BTC\u2019s price trajectory remains on track, noting the coin\u2019s price stabilized at $74,812 after reaching an all-time record of $76,493.<\/p>\n In an earlier post, Martinez has already stated that Bitcoin is \u201cgoing according to plan.\u201d He said that BTC will increase to $72,000, and then go down to $69,000 before skyrocketing to $78,000.<\/p>\n Another market observer predicted that there is a high likelihood that Bitcoin will increase by 30% to 40% but he does not see that the crypto will repeat the 368% hike which occurred in previous cycles.<\/p>\n Ki Young Ju of CryptoQuant made the prediction after BTC hit $75,000 which he believed was influenced greatly by the results of the US election.<\/a><\/p>\n Ju explained that it triggered the price rally to reach that level, further positioning Bitcoin as one of the largest financial assets in terms of market capitalization.<\/p>\n Ju urged investors for subtle profit-taking during the \u201cmax pain\u201d phases which are essential to understand the market dynamics of BTC.<\/p>\n He said that Bitcoin follows a cyclical nature, explaining that new traders usually endure losses when the market is bearish. After two years, investors see their digital assets change hands when the \u201cmax pain\u201d phase dies down.<\/p>\n According to him, BTC\u2019s current market environment matched well with an easing period.<\/p>\nBitcoin: $85,000 Feasible?<\/h2>\n
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<\/p>\nBTC\u2019s Uptrend<\/h2>\n
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BTCUSD trading at $75,885 on the daily chart: TradingView.com<\/a><\/pre>\n