The victory of Donald Trump within the US presidential election has been confirmed, leaving cryptocurrency buyers speculating concerning the influence on Bitcoin’s worth trajectory within the subsequent 4 years. Apparently, the market has already been given a taste of the potential results.
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In reality, the mere information of Trump’s win has pushed the Bitcoin price into uncharted territory. Because the announcement, Bitcoin has surged, reaching a current peak of $77,239.
In accordance with a crypto analyst, the Bitcoin worth has all the time rallied after US elections, however the worth surge tends to be much more pronounced after a Trump win.
Can The Trump Win Proceed To Push Bitcoin Value Upwards?
Crypto analyst Tony “The Bull” Severino, CMT, just lately took to social media platform X to highlight an intriguing historic sample between Donald Trump’s presidential victories and Bitcoin’s worth actions. In accordance with Severino, whereas Bitcoin has consistently rallied following US elections, the value surge was particularly pronounced when Trump was first elected in 2016.
Severino backed up his evaluation with information from Bitcoin’s November 2016 efficiency on the two-month candlestick chart. At the moment, Bitcoin was buying and selling at roughly $725. After that election, the Bitcoin worth went on to create seven consecutive bullish candlesticks following Trump’s win, setting off a exceptional rally that continued into 2017 and laid the muse for Bitcoin’s ascent to its then-record highs.
Now, with Bitcoin presently buying and selling round $76,000 within the wake of Trump’s newest victory, Severino speculates whether or not the cryptocurrency may replicate this historic sample. Apparently, the analyst believes a repeat of this run may occur with Trump’s win, and Bitcoin may now make its transfer towards $100,000 per coin.
Will Bitcoin Soar To $170,000 This Cycle?
Nonetheless within the spirit of a bullish crypto market after Trump’s win, Tony Severino talked about the opportunity of the Bitcoin worth hovering to $170,000 within the coming months. In one other technical evaluation, Tony highlighted the Bitcoin worth motion from October 2023 utilizing Elliott Waves.
In accordance with this outlook, Bitcoin is about to start a fifth impulse wave, which is understood to be the third and final bullish wave. With this in thoughts, the analyst pointed to Bitcoin pushing to succeed in $170,000 in 2025. “Are you ready?” he requested.
On the time of writing, Bitcoin is buying and selling at $76,450, having established a brand new all-time excessive of $77,239 previously 12 hours. The streak of all-time highs looks as if it isn’t stopping anytime quickly, because the market continues to reel in bullish momentum.
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For now, the early indicators and worth sentiment counsel that the Bitcoin worth is gearing up for a brand new wave in gentle of Trump’s win. This rally may proceed on at this tempo and shoot up massively when Trump is sworn into workplace in January 2025.
Featured picture from Investopedia, chart from TradingView