After tapping the bottoms multiple times, the Bitcoin bulls have constantly pushed the price. As a result, the price has formed a new ATH at $75,000, which was largely expected. The rally has been fueled by the ongoing U.S. election results, mainly due to Donald Trump taking a lead against the Republican opponent, Kamala Harris. Trump is believed to have a positive perspective on the crypto space and hence the markets and the BTC price are believed to trigger a bull run after his win.
Bitcoin hits $75,000 after having a bearish start for the month. How high will the BTC price rise this bullish season? Will it reach $100K following a Trump victory?
As mentioned earlier, the Trump victory is expected to be a major catalyst for the upcoming bull run, as market veterans and analysts believe the token may embrace major moves. However, the possibility of a BTC price cooling down after the current move is expected as the rising buying volume takes a break.
In the past few hours, Bitcoin witnessed a huge influx of buying volume that pushed the price towards a new ATH. A similar rise in the volume was recorded during the first week of August but it remained in favour of bears that slashed the prices by 16.57%. Therefore, the recent rise of over 9.5% suggests there could be more room to rise. These high-volume candles often mark pivot points in the market, especially in rangebound conditions.
Meanwhile, the BTC price is yet to rise above the trend line in the short term, which suggests a major run could succeed once these levels are achieved. The next level to watch is around $80,463.21, which may lead the Bitcoin (BTC) price to form a new ATH at $82,752.24 at 1.2 FIB in a short while from now.
