Bitcoin price has hit a modern all-time high (ATH), constituting a historic milestone in the cryptocurrency market. With a remarkable rise above $75,000, Bitcoin is is experiencing considerable momentumdriven mainly by market sentiment around US elections. The cryptocurrency analyst who accurately predicted Bitcoin’s surge to $75,000 has now set a modern price target for the pioneering cryptocurrency, expecting further bullish action.

The analyst pegged the ATH price at $170,000 per Bitcoin price

TradingShot, cryptocurrency analyst at TradingView, has released a low Bitcoin analysis report, referencing historical trends to make predictions modern all-time record Bitcoin worth $170,000. Sharing a price chart showing Bitcoin price movements from 2022 to the present, the analyst revealed that on August 5, Bitcoin tested the weekly moving average (MA50), a level that has never been reached since March 12, 2003.

In previous market cycles, this key level was an absolute supportive trend line that signaled a potential bull market. TradingShot revealed that after almost 20 years Bitcoin price after all, he was able to hold this key trend line not once, but twice, leading to it last week’s rally in which its price exceeded $73,800.

The analyst also emphasized that this price augment was an extremely bullish move, indicating a forceful market for Bitcoin. Moreover, Bitcoin’s price augment of $73,800 occurred just two days before the US presidential election, which is a full stop historically known for triggering explosive rallies for Bitcoin.

Crypto Rover market expert on X (formerly Twitter) notes that Bitcoin experienced a total average price pump of 1,563% following the previous US election. In 2016, Bitcoin surged 2,714%, surpassing $15,000 after US presidential elections. Similarly, in 2020, the cryptocurrency surged over 400%, surpassing $40,000 after the election. Currently, Bitcoin is clearly in an upward trend after the just concluded US presidential elections, which took place on November 4.

Given the timing of these gains, TradingShot suggested that a similar pattern may be repeating itself, suggesting that Bitcoin may be entering a period of explosive growth. Based on analysis of charts and Fibonacci levels, the analyst predicts Bitcoin’s modern target of $170,000, which is approximately 1.618 Fibonacci extensions from the current ATH.

With Bitcoin currently trading at $73,715, owning he gave up some profitsan augment to $170,000 would represent an augment of 130.55%.

BTC finally reaches the expected price

WITH Bitcoin finally reaches modern ATH after months of speculation and expectation, cryptocurrency analyst Ali Martinez has done it revealed that this augment signals the cryptocurrency’s entry into price discovery.

AND Bitcoin price discovery refers to the way the market determines the current value or price based on the dynamics of supply and demand. Despite the modern development, Martinez revealed that investors are trying to low Bitcoin by liquidating their holdings and cashing out their profits.

As a result, the analyst predicts that if Bitcoin’s price reaches a high of $75,550 again, $210 million could be liquidated from the market.

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