Bullish sentiments surrounding Bitcoin (BTC) have been gaining traction of late, especially in the wake of the upcoming U.S. elections, often referred to as the “Bitcoin elections.”
This political backdrop ignites optimism among investors, who hope for positive regulatory shifts that could benefit the crypto sector. Over the past week, Bitcoin has experienced a significant surge of around 10%, with prices soaring to approximately $68,000 on Wednesday, the highest level since July.
Amid this upward momentum, analysts have been predicting further price surges. Notably, crypto analyst Egrag Crypto has set an ambitious target of $170,000 for BTC, citing a Fibonacci retracement level that aligns with historical market trends.
In a tweet on Wednesday, Egrag Crypto stated, “BTC to Fib 1.618 ($170K Price Range).” His analysis highlighted the 1.618 Fibonacci level as a critical price point for Bitcoin, suggesting that current market conditions could set the stage for a remarkable rally.
Egrag Crypto also expressed optimism about Bitcoin’s near-term prospects based on the moving average, asserting that the cryptocurrency is still in the early stages of a bullish run.
“Closing and staying above the 21 EMA is one of the simplest yet most effective indicators of this ongoing bull momentum,” he remarked.
Moreover, Egrag’s analysis included a timeframe for this predicted price surge, hinting at March 2025 as a pivotal moment for BTC. This target, he suggested, could herald a subsequent altcoin surge, further energizing the market before the traditional “sell in May” period.
Adding to the bullish narrative, data from Santiment indicates a significant uptick in Bitcoin whale transactions, with over 11,600 transfers of $100,000 or more observed on Tuesday and Wednesday, the highest level in 10 weeks. This spike reflects a growing interest in Bitcoin, even as discussions surrounding the asset dominate social media.
“Both of these signals are signs that the rally may be on hold due to key stakeholder profit taking and high crowd FOMO. However, with mid- and long-term metrics still looking bullish, any price correction would likely be a short one,” the firm wrote.
Furthermore, an analysis by CryptoQuant’s Crazzyblock showed a resurgence in Bitcoin’s active addresses, indicating increased user engagement. This metric, which compares monthly and yearly moving averages, suggests renewed demand on the Bitcoin network, historically a precursor to bullish cycles.
However, caution continues to loom in the market. Veteran analyst Peter Brandt warned on X that BTC might face resistance at $68,224, the upper boundary of a closely watched expanding triangle pattern.
According to Brandt, a successful breakout above this level could propel BTC towards approximately $120,000, based on a measured move from the formation.
The asset was trading at $66,966 at press time, reflecting a 0.49% surge over the past 24 hours.