Bitcoin started the modern week in an uptrend, signaling a return of bullish sentiment among cryptocurrency investors. This bullish sentiment continues to drive the price forward, with $70,000 remaining the primary target from this point on. According to one analyst, this bounce signals the entry into the final wave, Wave 5, which could send BTC price back toward its all-time high.

Analyst Says Bitcoin Price Could Reach $72,000

In TradingView fastingCryptocurrency analyst Arthur Signals has shared an captivating analysis of the Bitcoin price, saying that the cryptocurrency has entered its final wave 5. The analysis goes through BTC’s performance in July, identifying the beginning of wave 1 when the price first rose from lows below $54,000.

This was followed by wave 2, which saw a drop from $60,000 to $56,000. This was followed closely by wave 3, which saw a rally above $65,000, and wave 4 saw a drop to $63,000 over the weekend.

Currently, only wave 5 remains, which is typically the most bullish of all waves. The crypto analyst expects Bitcoin price to eventually break above $70,000 with this final wave and rise towards the current all-time high of $73,000.

However, for BTC price to properly complete this move, it needs to break through the $68,275 high that was recorded on Sunday. From there, Bitcoin price would need to make a modern high to confirm the breakout, which has a $72,000 target from the crypto analyst.

World events that could cause BTC price to skyrocket

While the wave patterns on the Bitcoin chart paint a bullish picture for the price, there are other events that are bullish for the price, one of which is the US presidential election. On Sunday, incumbent President Joe Biden announced that he was dropping out of the race, endorsing Vice President Kamala Harris to run as the Democratic candidate.

This development has been bullish so far, as the market now anticipates a victory for Donald Trump, who has been open about his support for cryptocurrencies. “Biden’s announcement, after some unexpected volatility, has given Bitcoin a bullish boost as the market strengthens its confidence in a Republican victory in the election,” Arthur Signals noted in a post.

If Trump does indeed win the November election, it would be a positive development for cryptocurrencies. Trump has declared his support for Bitcoin, suggesting it will be used for Treasury purposes. This, in addition to rumors that Trump is considering BlackRock CEO Larry Fink for Treasury secretary, has created bullish expectations for Bitcoin this year.

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