Bitcoin investors are speculating on the price of Bitcoin in the future four years, after Donald Trump’s victory in the US Presidential election was confirmed. The market is interestingly exhibiting a downward trend. already been given a taste The possible consequences.
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Even the news that Trump won is not enough. has pushed the Bitcoin price Uncharted Territory Bitcoin’s value has risen since the announcement. It reached a high of $76,239 in recent days.
Crypto analyst claims that Bitcoin prices have always risen after US election results, and the surge is more noticeable after Trump wins.
Can the Trump victory continue to drive bitcoin prices up?
Crypto Analyst Tony “The Bull” Severino CMT recently joined social media platform X to highlight There is an interesting historical correlation between Donald Trump’s victories in the presidential elections and Bitcoin’s prices. Severino says that Bitcoin’s price has been rising since the beginning of 2017. consistently rallied following US electionsThe price increase was particularly pronounced in the case of Trump was first elected in 2016.
Severino substantiated his analysis by using data from Bitcoin’s performance in November 2016 on the 2-month candlestick graph. Bitcoin’s price was around $725 at the time. The Bitcoin price then went on to produce seven consecutive bullish candles following Trump’s victory, setting off an amazing rally which continued throughout 2017 and paved the way for Bitcoin to reach its record highs.
Severino believes that Bitcoin’s current price of $76,000 is a reflection of Trump’s recent victory. He speculates if the cryptocurrency will follow the same historical trend. Interestingly, the analyst believes Bitcoin may now move towards $100,000 per coin with Trump’s election.
Bitcoin: Will it soar to $170,000 this cycle?
Tony Severino was still in a mood for a bullish crypto after Trump’s election, and he mentioned the possibility that Bitcoin could reach $170,000 over the coming months. Tony’s latest technical analysis was a bullish one. highlighted Elliott Waves used to predict the Bitcoin Price Action from October 20, 2023.
This outlook is a good one. Bitcoin is about to start a fifth impulse waveThe analyst believes that this is the third and final bullish trend. In this context, the analyst predicted that Bitcoin would reach $170,000 before 2025. “Are you prepared?” “What did he ask?”
Bitcoin, at the time this post is written, has reached a new high for all-time of $77.239 over the past twelve hours. It seems as though the streak of record highs isn’t going to stop any time soon. The market has continued its bullish momentum.
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Early indicators and the price trend suggest, for now, that Bitcoin is preparing to ride a new wave following Trump’s victory. This rally could continue on at this pace and shoot up massively when Trump is sworn into office in January 2025.
Chart from TradingView, Featured Image from Investopedia
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Source: www.newsbtc.com
