The price of Bitcoin showed a highly positive reaction to Donald Trump’s emergence as the next US President, gaining by 9.62% in the past week according to data from CoinMarketCap. Amidst this price rally, Bitcoin established a new all-time high at $77,252 on November 8 but has since retraced by over 0.5%. Commenting on the asset’s potential next movements, analyst Ali Martinez postulates BTC may be set for significant corrections which may present opportunities for reaccumulation. Related Reading: Bitcoin Stock To Flow Model Shows Price Is Ready For Next Phase Transition Above $100,000 Bitcoin Likely To Fall To $69,000 – Here’s How In an X post on November 9, Martinez predicted that Bitcoin may finally record some significant price pullback, after days of bullish uptrend triggered by US election results and the Federal Reserve’s latest decision to initiate a 25 bps rate cut. Following the premier cryptocurrency’s descent from above $77,000, Martinez explains the price movement indicates a fall from a rising wedge which is a chart pattern that signals a potential reversal in an uptrend due to converging highs and lows. If ..
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