TechDev cryptocurrency analyst predicted that Bitcoin’s price could rise as high as $139,000 during this market cycle. The analyst made this prediction based on previous election cycles, which were also bullish for the flagship cryptocurrency.

Bitcoin price will reach $139,000 based on previous election cycles

In a post, X TechDev predicted that Bitcoin price could reach $139,000 in this bull market based on previous election cycles. In 2012, the price of Bitcoin on Election Day was $10, and a year later BTC saw a 22.7-fold raise, reaching $245. In 2016, Bitcoin’s price was $710 on Election Day and then surged 10.12 times to reach $7,200.

Meanwhile, in 2020, the price of Bitcoin on election day was $13,588. It then grew 4.51 times, rising to $61,300 a year later. The analyst highlighted a pattern in which Bitcoin’s price repeats its raise from the previous cycle plus an additional 44.5% raise, which led to Bitcoin’s price a year after the US election.

Based on this, TechDev noted that BTC price could reach $139,000 if it repeats its 4.51x raise from the previous cycle plus an additional 44.5% raise. Bitcoin was trading at $69,400 on US presidential elections earlier this month.

The US presidential elections have historically been bullish on the BTC price as the flagship cryptocurrency always hits fresh highs after each election cycle. It’s also worth mentioning that Bitcoin has never dropped below its price on Election Day. Moreover, this election cycle looks more bullish than others, given that the United States now has its first-ever pro-crypto president.

Bitcoin price reacted positively Donald Trump’s victorycontinuing to pump since Trump defeated Kamala Harris. The flagship cryptocurrency is currently approaching the $100,000 milestone, having surged over 37% since the beginning of this month.

What will happen next when BTC reaches the $100,000 milestone

Crypto analyst Ali Martinez provided insight into what could happen next as the BTC price reaches the $100,000 milestone. In Post Xthe analyst stated that Bitcoin’s price action is as it was in December 2020. He added that the relative strength indicator is also almost identical to that of December 2020.

If Bitcoin is to repeat the price action of this period, Martinez predicts that the price of Bitcoin will rise to $108,000 after this reaches $100,000 and will then drop to $99,000 before continuing its upward trend and further rising to $135,000. Coincidentally, this is close to TechDev’s target of $139,000 per Bitcoin.

At the time of writing, Bitcoin is trading at around $97,000, up over 5% in the last 24 hours, according to data from CoinMarketCap.

Featured image created with Dall.E, chart from Tradingview.com