Bitcoin (BTC) Price ATH May Hit $170,000 as Market Sentiment Surrounding US Elections Drive Momentum

The Bitcoin price has hit a new All-Time High (ATH), marking a historical milestone in the crypto market. With a remarkable rally surpassing $75,000

A crypto analyst has set a new price target for Bitcoin, predicting that the pioneer cryptocurrency will experience further bullish movement and hit a new All-Time High (ATH) of $170,000.

The analysis report, published on TradingView by TradingShot, references historical trends to predict the new price target. A price chart shared by the analyst shows Bitcoin’s price movements from 2022 to the present.

According to the analysis, on August 5, Bitcoin was seen testing the 1-week Moving Average (MA50), a level that has not been reached since March 12, 2003. In previous market cycles, this crucial level acted as the absolute supporting trendline that signaled a potential bull market.

After almost 20 years, the Bitcoin price was finally able to hold this key trendline not once but twice, leading to its last-week rally that saw its price testing the $73,800 mark.

This price surge, as highlighted by the analyst, was an incredibly bullish move, indicating a strong market for Bitcoin. Moreover, the $73,800 Bitcoin price increase came just two days before the US Presidential elections, a period that has seen Bitcoin clocking explosive rallies.

As noted by market expert Crypto Rover on X (formerly Twitter), Bitcoin has experienced a total average price pump of 1,563% following the previous US elections.

In 2016, Bitcoin rallied 2,714%, exceeding $15,000 after the US Presidential elections. Similarly, in 2020, the cryptocurrency soared over 400%, surpassing $40,000 after the elections.

Now, Bitcoin is clearly on a significant uptrend after the just-concluded US presidential elections on November 4.

Given the timing of these rallies, it is possible that a similar pattern may be repeating, suggesting that Bitcoin could be entering a period of explosive growth.

Based on the chart analysis and Fibonacci levels, the analyst has projected a new target of $170,000 for Bitcoin, which would be around a 1.618 Fibonacci extensions from its current ATH.

With the Bitcoin price currently trading at $73,715, having given up some gains, a surge to $170,000 would mark an increase of 130,55%.

Meanwhile, as Bitcoin finally reaches a new ATH after months of speculation and anticipation, crypto analyst Ali Martinez has noted that this surge signals the cryptocurrency’s entry into its price discovery.

A Bitcoin price discovery, as explained by Martinez, refers to how the market determines the current value or price based on supply and demand dynamics.

Despite the new achievement, investors are attempting to short Bitcoin by liquidating their holdings and cashing out profits, as revealed by the analyst.

As a result, if Bitcoin goes back to the $75,550 price high, $210 million could be liquidated from the market, according to Martinez’s analysis.