Bitcoin began the brand new week in an uptrend, signaling a return of bullish sentiment amongst crypto investors. This bullish sentiment has continued to propel the value forward with $70,000 remaining the foremost goal from here. In keeping with one analyst, this recovery signals an entrance into the ultimate wave, which is Wave 5, that would send the BTC price back toward its ATH price.
Analyst Says Bitcoin Price Could Hit $72,000
In a TradingView post, crypto analyst Arthur Signals shared an interesting evaluation of the Bitcoin price, saying that the cryptocurrency has entered the ultimate Wave 5. The evaluation goes through the BTC performance within the month of July, identifying the beginning of Wave 1 when the value first surged from its lows below $54,000.
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Moving forward, Wave 2 happened with the crash back down from $60,000 to $56,000. Wave 3 followed right after with a rise above $65,000, while Wave 4 was the decline to $63,000 that was recorded over the weekend.
The present leaves only Wave 5, which is frequently essentially the most bullish of all of the waves. With this final wave, the crypto analyst expects the value of Bitcoin to eventually break above $70,000 and rise toward its current all-time high of $73,000.
Nonetheless, for the BTC price to properly complete this move, it has to interrupt the $68,275 peak that was recorded on Sunday. From here, the Bitcoin price would wish to create a recent peak to substantiate the breakout, which has a $72,000 goal from the crypto analyst.
World Events That Could Send The BTC Price Flying
While the wave formations on the Bitcoin chart paint a bullish picture for the value, there are also other developments which are bullish for the value, and one in all those is the US presidential elections. On Sunday, incumbent president Joe Biden announced that he was stepping down from the race, giving his support to Vice President Kamala Harris to run on the Democratic ticket.
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This development has to this point been bullish because the market now expects a victory for Donald Trump, who has been openly vocal about his support for cryptocurrencies. “Biden’s announcement, after some unexpected volatility, has given Bitcoin bullish momentum because the market strengthens its confidence in a Republican election victory,” Arthur Signals identified within the post.
If Trump does emerge victorious within the election, which is scheduled to be held in November, it is going to be a positive development for crypto. Trump has declared support for Bitcoin, hinting at using it for treasure purposes. This, along with rumors that Trump is considering BlackRock CEO Larry Fink as Treasury Secretary, has sparked bullish expectations for Bitcoin this 12 months.
BTC price drops from $67,000 | Source: BTCUSD on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com