This Crypto Analyst Correctly Predicted The Bitcoin Price Rise To $75,000, Here’s The Full Prediction 📈
Bitcoin has achieved a new All-Time High (ATH), surpassing $75,000, marking a significant milestone. This momentum is largely attributed to market sentiment around the US elections. A crypto analyst, TradingShot, known for accurately predicting Bitcoin's recent price, has now forecasted an ATH of $170,000.
TradingShot released a Bitcoin analysis, using historical trends. On August 5, Bitcoin hit the 1-week Moving Average (MA50) level, unseen since 2003. This level has historically been a bull market indicator. Bitcoin maintained this trendline, leading to its recent surge, reaching $73,800.
The surge coincided with the US Presidential elections, a period historically favorable for Bitcoin. Market expert Crypto Rover notes Bitcoin has historically rallied significantly post-elections. TradingShot suggests a similar pattern might repeat, predicting explosive growth.
Based on Fibonacci levels, the analyst's target is $170,000, which is approximately 1.618 Fibonacci extension from the current ATH. This implies a 130.55% increase from Bitcoin's current trading value of $73,715. Despite this achievement, some investors are attempting to short Bitcoin by liquidating holdings.
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