Seasoned market analyst Ali Martinez has teased a possible bullish explosion in the Bitcoin price, citing historical performance after the last three US presidential elections.
Bitcoin has turned the tides around following a slow start to Uptober. The asset dipped to $59,506 earlier in the month following rising geopolitical tensions in the Middle East.
However, the crypto firstborn has shown resilience, surging 17.7% from the recent low to its current price. It even pushed near its all-time high of around $73,700 on Tuesday but failed to break through the resistance.
Notably, a few factors have spurred Bitcoin’s recent resurgence, including growing hopes of a Federal Reserve rate cut and surging odds that pro-crypto candidate Donald Trump will win the November 5 US election.
Amid these bullish sentiments, market expert Ali Martinez has shared thought-provoking data on Bitcoin’s performance in the US presidential election years. With the analysis, he has asserted an impeding explosive uptick in the premier asset’s price.
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Martinez Asserts an Explosive Bitcoin Rally
In his October 30 tweet, Martinez shares Bitcoin’s price performance after the past three election years. His data covered the asset’s behavioral pattern following the 2012, 2016, and 2020 US presidential elections.
The data shows that after the November 2012 election, Bitcoin rallied 10,640% to its peak price of $1,137 in early December 2013. A similar pattern occurred after the November 2016 election, as the premier crypto asset surged 2,698% to a cycle top of $18,970 on December 20, 2017.
Furthermore, the November 2020 election also heralded a considerable upside. Bitcoin surged 386% to a peak of $69,000 in November 2021. As a result, Martinez believes that this cycle will not be different, expecting Bitcoin to follow historical trends.
Bitcoin Peak Price Targets
With a Bitcoin surge after the US election established, the big question remains which price Bitcoin’s price will peak at this cycle. Notably, analysts have placed different price targets for 2025.
For instance, leading bank Standard Chartered asserted that Bitcoin will hit $200,000 by the end of next year. Brokerage firm Bernstein shares the same price outlook for Bitcoin but noted that the $200,000 was a conservative target.
Veteran analyst Peter Brandt set a more ambitious price expectation for Bitcoin, asserting it would trade at $230,000. Notably, he based his prediction on logarithm projections from Bitcoin’s November 2022 to March 2024 upswing.
Meanwhile, market analyst Sina predicted Bitcoin will surge past $285,000 by 2025, citing a quantile regression model. Interestingly, he noted that the price target was not the top, suggesting BTC could trade past the price mark.
At the time of writing, Bitcoin trades at $72,424, up almost 8% in the past seven days.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
Source: https://thecryptobasic.com/2024/10/31/expert-says-this-time-will-not-be-different-after-massive-bitcoin-rallies-in-last-three-us-elections/?utm_source=rss&utm_medium=rss&utm_campaign=expert-says-this-time-will-not-be-different-after-massive-bitcoin-rallies-in-last-three-us-elections