Cryptocurrency analyst Ali Martinez revealed what needs to happen next Bitcoin price surpass its current all-time high (ATH) of $73,700. The analyst correctly predicted the recent price surge to $72,000, but warned at the time that the flagship cryptocurrency would not reach ATH levels immediately.

How Bitcoin Price Can Reach Modern ATH

Martinez mentioned in Post X that Bitcoin price needs to stay above the $69,000 support level to reach a recent ATH. He claimed that a successful hold above this support level could lead to prices rising to $78,000. This happened when he noticed that Bitcoin price traffic was going according to plan.

Previously, Martinez predicted that Bitcoin’s price would rise to $72,000 if it stayed above $65,000, which it ultimately did. He then added that at this price BTC would probably drop to $69,000, which was also the case now, with flagship cryptocurrency closing in October under $70,000.

This price correction is believed to be hearty considering the pump BTC enjoyed earlier in the week as it approached its current ATH. This pump was followed by a wave of profiteering, including with whales Bhutan, sale your BTC resources to secure some of the profits. Ali Martinez pointed out that the flagship cryptocurrency is still in bullish territory, as he alluded to BTC’s historical performance in November, a month in which it saw more positive returns than negative ones.

In another Post Xsuggested that the price of Bitcoin may raise parabolically after the US elections. He shared a chart of BTC’s movement after the last three US presidential elections and noted that he didn’t expect it to be any different this time. After this election, Bitcoin reached a recent ATH, which may happen again.

How this might play out after the US elections

Economist Alex Krüger provided insight into how Bitcoin’s price may change after the US elections. In Post Xstated that there is a 55% probability that BTC will reach $90,000 by the end of the year if Donald Trump wins. This is due to the fact that the former US president declared his support for cryptocurrencies.

Meanwhile if Kamala Harris wins, Krüger mentioned that there is a 45% probability that the Bitcoin price will reach $65,000 by the end of the year. The economist put the weighted average price of BTC at $79,000.

He also told market participants to expect Bitcoin prices to rise quickly if Trump wins. At the same time, he said he expects the price of BTC to be between $65,000 and $68,000 before election night.

At the time of writing, Bitcoin is trading at around $69,400, down more than 3% in the last 24 hours, according to data from CoinMarketCap.

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