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Crypto analyst Ali Martinez has revealed what needs to happen next for the Bitcoin price to surpass its current all-time high (ATH) of $73,700. The analyst had rightly predicted the recent price rally to $72,000 but warned back then that the flagship crypto won’t hit its ATH instantly.
How The Bitcoin Price Can Reach New ATH
Martinez mentioned in an X post that the Bitcoin price needs to hold above the $69,000 support level to reach a new ATH. He claimed that a successful hold above that support level could lead to a price rally to $78,000. This came as he noted that the Bitcoin price movement was going according to plan.
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Before now, Martinez had predicted that the Bitcoin price would rise to $72,000 if it held above $65,000, which eventually happened. Back then, he added that BTC would likely experience a pullback to $69,000 after this price, which has also now happened, with the flagship crypto closing in October below $70,000.
This price correction is believed to be healthy, considering the pump that BTC enjoyed earlier in the week, coming close to its current ATH. This pump was followed by a wave of profit-taking, with whales, including Bhutan, selling their BTC holdings to secure some profits. Ali Martinez indicated that the flagship crypto is still in bullish territory, as he alluded to BTC’s historical performance in November, a month in which it has recorded more positive returns than negative ones.
In another X post, he suggested that the Bitcoin price could go parabolic after the US elections. He shared a chart of BTC’s movement after the last three US presidential elections and remarked that he doesn’t expect this time to be different. Bitcoin hit a new ATH after those elections, which could happen again.
How It Could Play Out After The US Election
Economist Alex Krüger has provided insights into how the Bitcoin price could move after the US elections. In an X post, he claimed there is a 55% probability that BTC will reach $90,000 by year-end if Donald Trump wins. This is based on the fact that the former US president has declared his support for cryptocurrencies.
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Meanwhile, if Kamala Harris wins, Krüger mentioned that there is a 45% probability that the Bitcoin price will be trading at $65,000 by year-end. The economist put the weighted average for BTC’s price at $79,000.
He also told market participants to expect a swift Bitcoin price rally if Trump wins. At the same time, he said he expects BTC to range between $65,000 and $68,000 going into the election night.
At the time of writing, the Bitcoin price is trading at around $69,400, down over 3% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
