Bitcoin Path To $85K: Analysts Say It’s Behaving ‘As Predicted’

Christian Encila

Last Updated: November 8, 2024 11:00 am

3 mins read

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Crypto analysts said that Bitcoin remains on course for a massive price hike after Donald Trump reclaimed the US presidency through a historic win against US Vice President Kamala Harris.

Bitcoin’s 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.

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.

Bitcoin: $85,000 Feasible?

A prominent crypto analyst suggested that Bitcoin will soon reach $85,000, claiming that the price surge will be fueled by Trump’s return to the White House.

In a post, Ali Martinez said that the firstborn cryptocurrency is “playing as predicted.” Martinez predicted that Bitcoin would hit $78,000 but would fall to $71,500 before soaring to an all-time high of $85,000.

This is playing as predicted. I think #Bitcoin hits $78,000, retraces to $71,500 and then rebounds to $85,000! https://t.co/8xKUNGZYI8

— Ali (@ali_charts) November 6, 2024

Martinez assured that despite the coin experiencing brief pullbacks, BTC’s price trajectory remains on track, noting the coin’s price stabilized at $74,812 after reaching an all-time record of $76,493.

In an earlier post, Martinez has already stated that Bitcoin is “going according to plan.” He said that BTC will increase to $72,000, and then go down to $69,000 before skyrocketing to $78,000.

BTC’s Uptrend

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.

BTCUSD trading at $75,885 on the daily chart: TradingView.com

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.

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.

Ju urged investors for subtle profit-taking during the “max pain” phases which are essential to understand the market dynamics of BTC.

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 “max pain” phase dies down.

According to him, BTC’s current market environment matched well with an easing period.

Potential Cooling Off

However, some analysts projected a possible cooling off for BTC coming after the recent price hike, saying that it has breached the upper Bollinger Band serving as a cue for overbought conditions.

They suggested that there could be increasing pressure to sell and profit-taking because of the emergence of red candlestick formations.

BTC used to be in the overbought zone or a score above 70 in the Relative Strength Index (RSI) chart but now, it has retreated to 67.34, indicating “a loss of bullish momentum” and a potential price correction.

Featured image from StormGain, chart from TradingView

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.