Considering Bitcoin’s dynamics are constantly increasing Following Donald Trump’s victory in the US presidential election, a cryptocurrency analyst believes that a continuation of this upward trend could push the Bitcoin price to $245,000 this cycle. The analyst provided a timeline of this massive price jump, using logarithmic chart patterns and historical data to support his thesis. hopeful forecast.

When the price of Bitcoin reaches $245,000

TradingView cryptocurrency analyst Behdark posted the file report which provides a technical overview of the latest Bitcoin price trends and potential future moves. This detailed analysis is based on a two-week (2W) time frame on a chart showing complete data on: Bitcoin price action.

Looking at Bitcoin’s chart, Behdark highlighted that the pioneering cryptocurrency was trading within a valid price channel, where the channel’s centerline and resistance trendline are drawn from previous highs. These trend lines point to potential price target $245,000 to $250,000 by 2025

The analyst admitted that he had previously set a medium- and long-term price target for Bitcoin at $169,000, but revised his forecast to $245,000. At the time of writing, Bitcoin is trading at $95,107, down a slight 2.18% over the past 24 hours. If the cryptocurrency rises to $245,000, it would represent a massive price boost of 157% from its current value.

Behdarek hopeful Bitcoin forecasts are based on the analysis of logarithmic charts and price channels, which are particularly useful in the analysis of cryptocurrencies. These charts support identify sustainability market trends for cryptocurrency in the medium and long term.

Going further, the analyst revealed that Bitcoin has effectively cracked and has crossed critical resistance levels between $77,000 and $78,000, which means: change in market sentiment. This previous resistance range has now moved into a low price, which will act as a support level for Bitcoin.

If Bitcoin price is fallingBehdark revealed that the cryptocurrency is likely to test this broken resistance level again. Moreover, Bitcoin’s price action is showing Chicago Mercantile Exchange (CME) vulnerability. around $77,000, which, if filled, could reinforce bullish sentiment and re-activate Bitcoin’s upward momentum.

The Trump presidency will have an impact on the cryptocurrency market

In its analysis of Bitcoin prices, Behdark also pointed out that a Trump’s presidency could significantly impact Bitcoin’s future trajectory. The analyst noticed this Trump’s support for cryptocurrencies and his upcoming four-year presidential regime could have a positive impact on the cryptocurrency market.

Behdark believes it favorable political conditions could spur cryptocurrency adoption and significantly cause the market capitalization of digital assets such as Bitcoin to skyrocket. He went on to suggest that this would yield significant returns, but investors should be cautious and patient when it comes to managing risk during a bull market.

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