Bitcoin started the new week in an uptrend, signaling a return of bullish sentiment among crypto investors. This bullish sentiment continues to push the price forward, with $70,000 remaining the primary target from here. According to one analyst, this recovery signals the entry into the final wave, which is wave 5, which could return the BTC price to its ATH price.
Analyst Says Bitcoin Price Could Hit $72,000
In a post on TradingView, crypto analyst Arthur Signals shared an interesting analysis of Bitcoin price, stating that the cryptocurrency has entered the final wave 5. The analysis looks at BTC’s performance in July and identifies the start of wave 1, when the price first rose from its lows below $54,000.
Moving on, wave 2 occurred with a crash from $60,000 to $56,000. Wave 3 followed immediately with a rise above $65,000, while wave 4 was a decline to $63,000 that occurred over the weekend.
The current wave leaves only wave 5, which is usually the most bullish of all the waves. With this latest wave, the crypto analyst expects the price of Bitcoin to eventually surpass $70,000 and rise to its current all-time high of $73,000.
However, for BTC price to properly complete this move, it must break above the $68,275 peak recorded on Sunday. From there, Bitcoin price will need to create a new peak to confirm the breakout, which has a $72,000 target from the crypto analyst.
World Events That Could Cause BTC Price to Rise
While the wave formations on the Bitcoin chart paint a bullish picture for the price, there are other events that are bullish for the price, and one of them is the US presidential election. On Sunday, incumbent President Joe Biden announced that he was dropping out of the race, expressing his support for Vice President Kamala Harris in her bid to run for the Democratic nomination.
This development has been optimistic so far, as the market now expects a victory for Donald Trump, who has been vocal about his support for cryptocurrencies. “Biden’s announcement, after some unexpected volatility, has given Bitcoin a bullish boost as the market solidifies its confidence in a Republican victory,” Arthur Signals wrote in a post.
If Trump does win the November election, it would be a positive development for the cryptocurrency. Trump has expressed support for Bitcoin, hinting at its use for treasure. This, coupled with rumors that Trump is considering BlackRock CEO Larry Fink for Treasury Secretary, has fueled optimism for Bitcoin this year.
