Originally published on: November 06, 2024
Bitcoin has reached a new all-time high of $75,358, with a staggering 7.23% increase in just a single four-hour candle. This significant rally coincided with the lead-up to Donald Trump’s victory in the United States presidential election on Nov. 5.
With a “pro-crypto” president poised to take office after the election, many experts are predicting a bullish trend for Bitcoin in the coming weeks. One such analyst is Titan of Crypto, who highlighted a long-term cup-and-handle pattern for Bitcoin that is currently experiencing a successful breakout.
The cup-and-handle pattern, known for its high success rate of 95% during bullish market conditions, could potentially lead to a 54% average profit from the breakout range. According to Titan of Crypto, the price target for Bitcoin is “incoming” at $110,000, representing a 47% return on investment from the current breakout price of $75,000.
Meanwhile, another Bitcoin trader, Follis, pointed out a notable market trend following the US election results. BTC saw a three-month high in trading volume during a four-chart candle that hit a new all-time high, signaling potential pivot points and price movements.
Notably, the Bitcoin Coinbase premium index turned green for the first time in Q4 after a strong selling period in October. This index has also rebounded after reaching a yearly low value on Oct. 25, indicating a surge in BTC spot demand from US retail investors.
Furthermore, positive spot volumes were observed on exchanges like Binance and Bitfinex in the late hours of Nov. 5, suggesting a collective buying spree for Bitcoin before the US election results were announced.
In conclusion, the outlook for Bitcoin post-US election is looking optimistic, with experts predicting a potential surge in price to $110,000 in the near future. Investors are advised to conduct their own research before making investment decisions in the volatile cryptocurrency market.
