The victory of Donald Trump within the US presidential election has been confirmed, leaving cryptocurrency traders speculating in regards to the impression on Bitcoin’s value trajectory within the subsequent 4 years. Curiously, the market has already been given a taste of the attainable results.
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In truth, the mere information of Trump’s win has pushed the Bitcoin price into uncharted territory. For the reason that announcement, Bitcoin has surged, reaching a latest peak of $77,239.
In keeping with a crypto analyst, the Bitcoin value has all the time rallied after US elections, however the value surge tends to be much more pronounced after a Trump win.
Can The Trump Win Proceed To Push Bitcoin Worth Upwards?
Crypto analyst Tony “The Bull” Severino, CMT, not too long ago took to social media platform X to highlight an intriguing historic sample between Donald Trump’s presidential victories and Bitcoin’s value actions. In keeping with Severino, whereas Bitcoin has consistently rallied following US elections, the worth surge was particularly pronounced when Trump was first elected in 2016.
Severino backed up his evaluation with knowledge 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 value went on to create seven consecutive bullish candlesticks following Trump’s win, setting off a exceptional rally that continued into 2017 and laid the inspiration for Bitcoin’s ascent to its then-record highs.
Now, with Bitcoin at the moment 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. Curiously, 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 value hovering to $170,000 within the coming months. In one other technical evaluation, Tony highlighted the Bitcoin value motion from October 2023 utilizing Elliott Waves.
In keeping with this outlook, Bitcoin is about to start a fifth impulse wave, which is thought to be the third and final bullish wave. With this in thoughts, the analyst pointed to Bitcoin pushing to achieve $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 up to now 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 value sentiment counsel that the Bitcoin value 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