Can The Donald Trump Win Drive Bitcoin Price To $170,000 This Cycle?

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As a seasoned researcher with a background in financial markets and cryptocurrencies, I have witnessed firsthand the unpredictable nature of both traditional and digital assets. The recent victory of Donald Trump in the US presidential election has undeniably sparked intrigue among Bitcoin investors, given its past correlation with Trump’s wins.

As a financial analyst, I’ve observed that the confirmation of Donald Trump’s victory in the U.S. presidential election has sparked curiosity among cryptocurrency investors regarding potential implications on Bitcoin‘s price trend over the next four years. Notably, the market has already experienced a glimpse of these possible effects.

Indeed, Trump’s victory announcement sparked an unprecedented rise in Bitcoin prices. After the news broke, Bitcoin experienced a significant surge and hit its latest high at approximately $77,239.

A cryptocurrency expert notes that following U.S. presidential elections, the value of Bitcoin typically experiences a rise. However, this increase is usually more significant when Donald Trump wins the election.

Can The Trump Win Continue To Push Bitcoin Price Upwards?

crypto analyst Tony “The Bull” Severino, who holds the CMT certification, recently drew attention on social media platform X to a captivating historical trend linking Donald Trump’s presidential victories with Bitcoin’s price fluctuations. As Severino points out, Bitcoin has typically seen a rally following US elections; however, the price increase was exceptionally significant when Trump was first elected in 2016.

In his analysis, Severino used information from the two-month chart of Bitcoin’s performance in November 2016. At this point, the value of Bitcoin was around $725. Following Trump’s election, there were seven successive bullish candlesticks on the chart, which ignited an impressive rally that extended into 2017 and paved the way for Bitcoin reaching its previous peak prices.

Currently, Bitcoin is valued around $76,000 following Trump’s recent victory, leading Severino to ponder if this cryptocurrency might mirror past trends. Remarkably, the analyst thinks there’s a possibility of a similar surge happening in conjunction with Trump’s win, potentially pushing Bitcoin towards a value of $100,000 per coin.

Will Bitcoin Soar To $170,000 This Cycle?

Even with Donald Trump’s victory keeping crypto markets optimistic, Tony Severino speculated that the value of Bitcoin could potentially reach $170,000 in the upcoming months. Furthermore, he employed Elliott Wave theory to analyze Bitcoin’s price movement from October 2023 in a separate technical assessment.

Based on this perspective, it’s predicted that Bitcoin will soon initiate its fifth upward trend, which is typically the final bullish phase. Given this, an analyst suggested that Bitcoin could potentially reach $170,000 by 2025. “Are you ready?” he queried.

Currently, Bitcoin is being traded at approximately $76,450, having reached a record peak of $77,239 within the last 12 hours. It appears that this series of record highs may persist, given the ongoing surge in optimistic market sentiment.

At the moment, the initial signals and general market feeling indicate that the price of Bitcoin might be preparing for another surge due to Trump’s victory. If this trend persists, it could significantly increase by the time Trump takes office in January 2025.

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2024-11-10 02:10