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Following the resounding victory of pro-crypto candidates in the United States Senate, House of Representatives and the POTUS, Bitcoin (BTC) price has gained notable bullish momentum. The next United States administration’s high expectations have significantly shifted the cryptocurrency market’s dynamics around the market.
In the past 24 hours, the total cryptocurrency market cap has gained around 2.2 percent to hover at about $2.66 trillion on Thursday, November 7 during the early Asian session. Ahead of the highly anticipated FOMC data on Thursday, Bitcoin price printed a new all-time high of about $76,243 earlier today, before retracing to $75,386 at the time of this report.
Analyst Target for Bitcoin in the Coming Months
In a recent tweet, Ali Charts discusses a historical trend observed in Bitcoin’s market behavior. Historically, Bitcoin has tended to reach its market peak around 8 to 12 months after surpassing its previous all-time high on a monthly closing basis.
This pattern suggests that once Bitcoin achieves a new monthly close above its last record high, it typically rises for several months before reaching a new top. If this historical trend persists, it implies that the next significant peak for Bitcoin could occur between July and November 2025.
According to a popular trader Peter Brandt, Bitcoin price is on the verge of an explosive rally towards the cycle top between $130k and $150k by August or September. Moreover, the weekly and the monthly Relative Strength Index (RSI) are on the cusp of rallying beyond the 70 level, suggesting the bulls are in control.
According to Bitwise CIO Matt Hougan the crypto market is entering il the golden age, which will be characterized by more cash inflows, adoption, and a strong bull market for years to come. The epitome of the recent shift will be the anticipated creation of a strategic Bitcoin reserve in the United States, amounting to 1 million coins.