A prominent cryptocurrency analyst has forecasted a potential surge in Bitcoin ’s price, projecting it could climb as high as $139,000 in the current market cycle. This estimation is grounded in patterns observed in previous election cycles, which have historically been favorable for Bitcoin .
The analyst pointed to past election days, noting that in 2012, Bitcoin was valued at just $10. By the following year, it had soared to $245, marking an impressive increase of 22.7 times. In 2016, Bitcoin opened at $710 on election day and later reached $7,200, reflecting a gain of 10.12 times. More recently, during the 2020 elections, Bitcoin started at $13,588 and surged to $61,300 the following year, representing a 4.51 times increase. The analyst highlighted a recurring trend where Bitcoin ’s price tends to replicate the previous cycle’s gains along with an additional boost of 44.5%.
If this pattern holds true, the current trend could see Bitcoin once again achieving significant growth after the recent presidential elections, during which the cryptocurrency was priced at $69,400. Bitcoin ’s trajectory has been strongly bullish post-election, as it has consistently reached new heights and has never fallen below its election day price. This election cycle appears particularly promising with a pro-cryptocurrency administration in place, further bolstering market confidence.
In the wake of these developments, Bitcoin has responded positively and is currently eyeing the $100,000 level, having surged over 37% this month alone. Another analyst has speculated on the potential price movements following Bitcoin ’s crossing of the $100,000 level. Drawing parallels to Bitcoin ’s behavior in December 2020, it is suggested that a rise to $108,000 followed by a temporary dip to $99,000 is a likely scenario. This pattern aligns closely with the earlier estimate of $139,000, further fueling hopes for substantial gains in the near future. As of now, Bitcoin is trading around $98,730, reflecting a gain of over 3% in the last day, according to CoinMarketCap data.
