Bitcoin's trajectory might soar to $245,000 following Trump's presidential win, according to a crypto analyst. The optimism is backed by historical data and logarithmic chart patterns which suggest a continued bullish trend for the cryptocurrency.
TradingView's crypto analyst, Behdark, has released an extensive report examining current Bitcoin trends. The analysis, utilizing a two-week time frame, presents a comprehensive technical overview of the currency's price movements.
Behdark's assessment shows that Bitcoin trades within a legitimate price channel. The channel's midline and resistance trendlines are crafted from previous price peaks, leading to a $245,000 to $250,000 target by 2025. Previously, Behdark aimed for a $169,000 medium-to-long-term target, but now adjusts his forecast to $245,000. Currently, Bitcoin trades at $95,107, a 2.18% dip in the last day, meaning a surge to $245,000 would equate to a 157% increase.
The revised projection is rooted in logarithmic charts and price channels. Such tools are instrumental in pinpointing sustainable trends over medium-to-long-term periods in cryptocurrency analysis.
Bitcoin has successfully surpassed critical resistance between $77,000 and $78,000. This shift indicates a positive change in market sentiment, with previous resistance evolving into a solid support level. Should Bitcoin's price decline, Behdark anticipates a retest of this level. Additionally, a CME gap around $77,000 could strengthen bullish momentum if filled.
In his analysis, Behdark suggests Trump's presidency could wield significant influence over Bitcoin's path. Trump's pro-crypto stance, combined with his forthcoming four-year tenure, may positively shape the market.
Behdark asserts that favorable political conditions could enhance cryptocurrency adoption, spiking the market capitalization of digital assets like Bitcoin. While profit opportunities abound, Behdark advises investors to exercise caution and patience in managing risks amid this bullish cycle.