Crypto analyst TechDev has predicted that the Bitcoin value 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 Price To Reach $139,000 Based On Previous Election Cycles
In an X put up, TechDev predicted that the Bitcoin value might attain $139,000 on this bull run primarily based on earlier election cycles. In 2012, the Bitcoin value was $10 on election day, and a yr 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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Meanwhile, in 2020, the Bitcoin value was at $13,588 on election day. Then, it witnessed a 4.51x improve and rallied to $61,300 a yr later. The analyst highlighted a sample whereby Bitcoin’s value replicates its improve from the earlier cycle plus a further 44.5% surge, which led to Bitcoin’s value a yr after the US elections.
Based on this, TechDev famous that the BTC value 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 value because the flagship crypto all the time hits new highs after each election cycle. It can be value mentioning that Bitcoin by no means dropped beneath its value on election day. Moreover, this election cycle seems to be extra bullish than others, contemplating the US now has its first-ever pro-crypto president.
The Bitcoin value 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 Happens Next When BTC Hits The $100,000 Milestone
Crypto analyst Ali Martinez has offered insights into what might occur subsequent after the BTC value hits the $100,000 milestone. In an X post, the analyst stated that Bitcoin’s value motion seems to be prefer it did in December 2020. He added that the Relative Strength Index can be almost similar to the one in December 2020.
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If Bitcoin is to copy the value motion from that interval, Martinez predicts that the Bitcoin value 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.
At the time of writing, the Bitcoin value is buying and selling at round $97,000, up over 5% within the final 24 hours, based on data from CoinMarketCap.
Featured picture created with Dall.E, chart from Tradingview.com
