Bitcoin Price Hits $75,000 All-Time High with Bullish Outlook
The Bitcoin price reached a new all-time high of over $75,000 on November 6. Analyst Tony Severino predicts a parabolic rally, suggesting that market participants should anticipate significant price movements above this level. He noted that Bitcoin is nearing the 2-week upper Bollinger Band, with bands at their tightest historically according to BBWidth.
Potential Price Surge Ahead
Severino's analysis indicates that Bitcoin could potentially rise to $140,000, with a peak expected in 2025. He previously stated that BTC might reach as high as $133,000 based on historical trends. The recent ATH follows Donald Trump’s election as US president, which is viewed positively for Bitcoin and the broader crypto market due to Trump's support for cryptocurrencies.
Historically, Bitcoin has not traded below its levels during US presidential elections, suggesting that the current price may represent a low point before further upward movement in this bull run.
Impending Fed Rate Cut
In addition to Trump's victory, a potential Federal Reserve rate cut expected on November 7 could further drive Bitcoin's price up. The Fed's FOMC meeting is set to conclude soon, with a 97.6% probability of a 25 basis points rate cut indicated by CME Fedwatch data. This could facilitate increased capital flow into Bitcoin, particularly from institutional investors who may invest more heavily in Spot Bitcoin ETFs following both the elections and the anticipated rate cut.
Currently, Bitcoin trades around $74,500, reflecting a 9% increase in the past 24 hours, according to data from CoinMarketCap.
