The victory of Donald Trump within the US presidential election has been confirmed, leaving cryptocurrency merchants speculating about the influence on Bitcoin’s assign trajectory within the next four years. Interestingly, the market has already been given a model of the that it’s essential to well presumably presumably presumably presumably also mediate of results.
Undoubtedly, the mere news of Trump’s earn has pushed the Bitcoin assign into uncharted territory. Since the announcement, Bitcoin has surged, reaching a original height of $77,239.
In step with a crypto analyst, the Bitcoin assign has repeatedly rallied after US elections, however the value surge tends to be even extra pronounced after a Trump earn.
Can The Trump Bring together Continue To Push Bitcoin Worth Upwards?
Crypto analyst Tony “The Bull” Severino, CMT, recently took to social media platform X to highlight an inviting historical sample between Donald Trump’s presidential victories and Bitcoin’s assign actions. In step with Severino, while Bitcoin has consistently rallied following US elections, the value surge used to be in particular pronounced when Trump used to be first elected in 2016.
Severino backed up his diagnosis with files from Bitcoin’s November 2016 efficiency on the 2-month candlestick chart. At that time, Bitcoin used to be trading at roughly $725. After that election, the Bitcoin assign went on to make seven consecutive bullish candlesticks following Trump’s earn, setting off a noteworthy rally that persevered into 2017 and laid the muse for Bitcoin’s ascent to its then-file highs.
Now, with Bitcoin within the meanwhile trading spherical $76,000 within the wake of Trump’s most recent victory, Severino speculates whether the cryptocurrency could presumably presumably presumably replicate this historical sample. Interestingly, the analyst believes a repeat of this creep could presumably presumably presumably occur with Trump’s earn, and Bitcoin could presumably presumably presumably now make its transfer toward $100,000 per coin.
Will Bitcoin Rush To $170,000 This Cycle?
Smooth within the spirit of a bullish crypto market after Trump’s earn, Tony Severino talked about the bogus of the Bitcoin assign soaring to $170,000 within the upcoming months. In one other technical diagnosis, Tony highlighted the Bitcoin assign action from October 2023 the usage of Elliott Waves.
In step with this outlook, Bitcoin is set to open a fifth impulse wave, which is identified to be the third and final bullish wave. With this in thoughts, the analyst pointed to Bitcoin pushing to avoid losing $170,000 in 2025. “Are you ready?” he asked.
At the time of writing, Bitcoin is trading at $76,450, having established a original all-time high of $77,239 within the past 12 hours. The skedaddle of all-time highs appears to be discover it irresistible isn’t stopping anytime soon, because the market continues to reel in bullish momentum.
For now, the early indicators and value sentiment recommend that the Bitcoin assign is gearing up for a original wave in gentle of Trump’s earn. This rally could presumably presumably presumably proceed on at this trek and shoot up vastly when Trump is sworn into self-discipline of job in January 2025.
Featured image from Investopedia, chart from TradingView
