Bitcoin started the new week in an uptrend, signaling a return of bullish sentiment among crypto investors. This bullish sentiment has continued to propel the price forward with $70,000 remaining the major target from here. According to one analyst, this recovery signals an entrance into the final wave, which is Wave 5, that could send the BTC price back toward its ATH price.
Analyst Says Bitcoin Price Could Hit $72,000
In a TradingView post, crypto analyst Arthur Signals shared an interesting analysis of the Bitcoin price, saying that the cryptocurrency has entered the final Wave 5. The analysis goes through the BTC performance in the month of July, identifying the start of Wave 1 when the price first surged from its lows below $54,000.
Moving forward, Wave 2 happened with the crash back down from $60,000 to $56,000. Wave 3 followed right after with an increase above $65,000, while Wave 4 was the decline to $63,000 that was recorded over the weekend.
The current leaves only Wave 5, which is usually the most bullish of all the waves. With this final wave, the crypto analyst expects the price of Bitcoin to eventually break above $70,000 and rise toward its current all-time high of $73,000.
However, for the BTC price to properly complete this move, it has to break the $68,275 peak that was recorded on Sunday. From here, the Bitcoin price would need to create a new peak to confirm the breakout, which has a $72,000 target from the crypto analyst.
World Events That Could Send The BTC Price Flying
While the wave formations on the Bitcoin chart paint a bullish picture for the price, there are also other developments that are bullish for the price, and one of those is the US presidential elections. On Sunday, incumbent president Joe Biden announced that he was stepping down from the race, giving his support to Vice President Kamala Harris to run on the Democratic ticket.
This development has so far been bullish as the market now expects a victory for Donald Trump, who has been openly vocal about his support for cryptocurrencies. “Biden’s announcement, after some unexpected volatility, has given Bitcoin bullish momentum as the market strengthens its confidence in a Republican election victory,” Arthur Signals pointed out in the post.
If Trump does emerge victorious in the election, which is scheduled to be held in November, it will be a positive development for crypto. Trump has declared support for Bitcoin, hinting at using it for treasure purposes. This, in addition to rumors that Trump is considering BlackRock CEO Larry Fink as Treasury Secretary, has sparked bullish expectations for Bitcoin this year.
Featured image created with Dall.E, chart from Tradingview.com