Key Points
- Bitcoin [BTC] hit a new all-time high on November 6, potentially due to Trump’s pro-crypto stance.
- Using past trends, experts predict that Bitcoin may exceed $200k during this cycle.
Bitcoin [BTC] recently set a new all-time high, reaching $76.4k on November 6, following the U.S. elections.
This surge is believed to be partially influenced by the victory of Donald Trump, who is known for his favorable views towards cryptocurrencies.
Bitcoin Price Prediction: A Repeat of 2020?
In 2020, a Bitcoin halving year coincided with the U.S. presidential elections.
During that time, Bitcoin’s trend was bullish, and the market began to surge as soon as the election results were announced, reducing market uncertainty.
A similar trend could potentially take place in the coming weeks.
In the previous cycle, Bitcoin experienced a 319% gain in just over five months. If this trend were to repeat, Bitcoin could potentially reach $288k by the first week of April 2025.
However, it is important to note that each cycle typically sees lesser gains over a longer period than the previous one, making long-term predictions challenging.
Using Past Trends to Predict Future Ones
In 2017, Bitcoin gained significant attention by rallying 600% in three months after being assumed dead just a year earlier.
Using the price action from then, we can see that most of those gains were retraced by 2019 before the next bull run began in 2020.
Therefore, a bold prediction for Bitcoin’s price is that it will reach at least $225k this cycle, with an all-time high 10-15% higher.
However, some renowned analysts and market participants, including Ki Young Ju, believe that prices beyond $100k would be difficult to achieve.
