Originally published on: November 06, 2024
Bitcoin hit a record high of $75,358 with a 7.23% surge in just four hours, coinciding with Donald Trump’s US presidential election win. As the US election results favored a “pro-crypto” president, a crypto analyst reiterated a Bitcoin price forecast above $100,000 in the near future.
After Trump’s victory, independent trader Titan of Crypto highlighted a cup-and-handle pattern for Bitcoin, signaling a bullish breakout. This pattern boasts a 95% success rate during bullish markets and could result in a 54% profit from the breakout range.
According to the trader, BTC is poised to reach $110,000 soon, presenting a 47% ROI from the current breakout price of $75,000. On the other hand, affiliated Bitcoin trader Follis noted a surge in trading volume during the recent four-hour candle, coinciding with a new all-time high.
The Bitcoin Coinbase premium index, an essential metric for US retail investors, turned positive for the first time in Q4 after a slump in October. This resurgence in the index suggests a potential increase in BTC spot demand from US retail investors.
Furthermore, other exchanges such as Binance and Bitfinex also experienced positive spot volumes, indicating a collective buying spree ahead of the US election results. Investors seemed optimistic about Bitcoin’s future, leading to positive price action in the market.
As the crypto market continues to evolve, keeping a close eye on these trends and developments can help investors make informed decisions. Stay tuned for more updates on potential investment opportunities and market insights.
