The confirmation of Donald Trump’s victory in the US presidential election has left cryptocurrency investors speculating about its potential impact on Bitcoin’s price over the next four years. Interestingly, the market has already begun to experience the ripple effects of this significant political event.
Bitcoin’s Price Surge Following Trump’s Win
The mere announcement of Trump’s victory has propelled Bitcoin’s price into uncharted territory. Since the news broke, Bitcoin has experienced a remarkable surge, reaching a recent peak of $77,239. According to a prominent crypto analyst, Bitcoin’s price has historically rallied after US elections, with more pronounced surges following Trump’s victories.
Can Trump’s Victory Sustain Bitcoin’s Upward Momentum?
Crypto analyst Tony “The Bull” Severino, CMT, has taken to social media to highlight an intriguing historical pattern linking Donald Trump’s presidential victories and Bitcoin’s price movements. Severino’s analysis suggests that while Bitcoin typically rallies after US elections, the price surge is particularly significant when Trump secures a win.
Severino supported his analysis with data from Bitcoin’s performance in November 2016 on the two-month candlestick chart. At that time, Bitcoin was trading at approximately $725. Following that election, Bitcoin saw seven consecutive bullish candlesticks, igniting a remarkable rally that continued into 2017 and set the stage for Bitcoin’s ascent to then-record highs.
Currently, Bitcoin is trading at around $76,626. In light of Trump’s recent victory, Severino speculates whether the cryptocurrency could replicate this historical trend. The analyst believes that with Trump’s win, Bitcoin may make its move toward $100,000 per coin.
Will Bitcoin Reach $170,000 This Cycle?
In the spirit of a bullish crypto market following Trump’s win, Tony Severino has also suggested the possibility of Bitcoin’s price soaring to $170,000 in the coming months. His technical analysis, using Elliott Waves, points to Bitcoin entering a fifth impulse wave, known as the third and final bullish wave.
With this outlook, Severino anticipates Bitcoin could reach $170,000 by 2025. “Are you prepared?” he asks, encouraging investors to consider the potential for significant gains.
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 appears to be unstoppable as the market continues to gain bullish momentum.
What Lies Ahead for Bitcoin’s Price?
As of now, early indicators and market sentiment suggest that Bitcoin’s price is gearing up for a new wave of growth in light of Trump’s victory. This rally could maintain its pace and potentially accelerate when Trump is sworn into office in January 2025.
