Can The Donald Trump Win Drive Bitcoin Price To $170,000 This Cycle?
2024年11月10日 - 8:00AM
NEWSBTC
The victory of Donald Trump in the US presidential election has
been confirmed, leaving cryptocurrency investors speculating about
the impact on Bitcoin’s price trajectory in the next four years.
Interestingly, the market has already been given a taste of the
possible effects. Related Reading: SEC Shake-Up: Robinhood Legal
Boss On Shortlist For Top Spot—Report In fact, the mere news of
Trump’s win has pushed the Bitcoin price into uncharted territory.
Since the announcement, Bitcoin has surged, reaching a recent peak
of $77,239. According to a crypto analyst, the Bitcoin price has
always rallied after US elections, but the price surge tends to be
even more pronounced after a Trump win. Can The Trump Win Continue
To Push Bitcoin Price Upwards? Crypto analyst Tony “The Bull”
Severino, CMT, recently took to social media platform X to
highlight an intriguing historical pattern between Donald Trump’s
presidential victories and Bitcoin’s price movements. According to
Severino, while Bitcoin has consistently rallied following US
elections, the price surge was especially pronounced when Trump was
first elected in 2016. Severino backed up his analysis with data
from Bitcoin’s November 2016 performance on the two-month
candlestick chart. At that time, Bitcoin was trading at
approximately $725. After that election, the Bitcoin price went on
to create seven consecutive bullish candlesticks following Trump’s
win, setting off a remarkable rally that continued into 2017 and
laid the foundation for Bitcoin’s ascent to its then-record
highs. Now, with Bitcoin currently trading around $76,000 in
the wake of Trump’s latest victory, Severino speculates whether the
cryptocurrency could replicate this historical pattern.
Interestingly, the analyst believes a repeat of this run could
happen with Trump’s win, and Bitcoin could now make its move toward
$100,000 per coin. Will Bitcoin Soar To $170,000 This Cycle? Still
in the spirit of a bullish crypto market after Trump’s win, Tony
Severino mentioned the possibility of the Bitcoin price soaring to
$170,000 in the coming months. In another technical analysis, Tony
highlighted the Bitcoin price action from October 2023 using
Elliott Waves. According to this outlook, Bitcoin is about to
start a fifth impulse wave, which is known to be the third and last
bullish wave. With this in mind, the analyst pointed to Bitcoin
pushing to reach $170,000 in 2025. “Are you prepared?” he
asked. At the time of writing, Bitcoin is trading at $76,450,
having established a new all-time high of $77,239 in the past 12
hours. The streak of all-time highs seems like it isn’t stopping
anytime soon, as the market continues to reel in bullish momentum.
Related Reading: XRP On Fire: Analyst Predicts $4 Milestone As
Token Rallies 11% For now, the early indicators and price sentiment
suggest that the Bitcoin price is gearing up for a new wave in
light of Trump’s win. This rally could continue on at this
pace and shoot up massively when Trump is sworn into office in
January 2025. Featured image from Investopedia, chart from
TradingView
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