The Bitcoin worth hit a brand new all-time high (ATH) because it surged previous $73,700 and rose to as excessive as $75,000 on November 6. Following this growth, crypto analyst Tony Severino has revealed what to anticipate subsequent from the flagship crypto.
Bitcoin Worth Prepared For “Fireworks” After New ATH
In an X put up, Tony Severino indicated that the Bitcoin worth is able to expertise a parabolic rally, as he informed market individuals to anticipate fireworks above $75,000. The crypto analyst additionally revealed that Bitcoin was approaching the 2-week higher Bollinger Band whereas the bands are the tightest in historical past in line with the BBWidth.
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The accompanying chart, which the crypto analyst shared, confirmed that the Bitcoin worth might rise to as excessive as $140,000, with the flagship crypto reaching a possible market high in 2025. Tony Severino had beforehand talked about that Bitcoin was approaching the strongest a part of the bull run and defined how, based mostly on historic tendencies, BTC might rise to as excessive as $133,000.
Certainly, the Bitcoin worth appears to be like to be getting into the strongest a part of the bull run following its rise to a brand new all-time excessive. This latest worth rally to a brand new ATH is because of Donald Trump, who has been elected to change into the subsequent US president. This supplies a bullish outlook for Bitcoin and the broader crypto market because the US president-elect has publicly declared his help for Bitcoin and different cryptocurrencies.
In addition to Trump coasting to victory, it’s value mentioning that the Bitcoin worth has traditionally by no means been under the degrees it was at on US presidential election days. Subsequently, that is seemingly the bottom vary the flagship crypto would possibly commerce at earlier than it information the subsequent parabolic leg of this bull run.
A Fed Fee Lower Is Additionally On The Means
Along with Donald Trump’s victory, another catalysts are lined as much as spark the subsequent leg of the Bitcoin bull run. One is a doable Fed price lower that’s anticipated to return on November 7, which is bullish for the Bitcoin worth. The US Federal Reserve begins its FOMC assembly as we speak and can resolve on a price lower by tomorrow.
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CME Fedwatch data reveals a 97.6% likelihood the Fed will lower rates of interest by 25 foundation factors (bps). This supplies a bullish outlook for the Bitcoin worth as extra capital is about to circulation into its ecosystem. Institutional traders are additionally on the sidelines as they may seemingly make investments more cash within the Spot Bitcoin ETFs after the US elections and a Fed price lower.
On the time of writing, the Bitcoin worth is buying and selling at round $74,500, up over 9% within the final 24 hours, in line with data from CoinMarketCap.
Featured picture created with Dall.E, chart from Tradingview.com