Trump’s Election Victory Fuels Bitcoin Surge to $77,239
Donald Trump's confirmation as the US presidential election winner has led to speculation regarding Bitcoin’s price trajectory over the next four years. The market has already experienced notable effects, with Bitcoin's price increasing significantly following the announcement.
Since Trump's victory, Bitcoin reached a peak of $77,239. A crypto analyst noted that Bitcoin typically rallies after US elections, with more substantial surges observed post-Trump wins.
Can The Trump Win Continue To Push Bitcoin Price Upwards?
Crypto analyst Tony “The Bull” Severino identified a historical correlation between Trump's presidential victories and Bitcoin price movements. He highlighted that Bitcoin consistently rallied after US elections, particularly after Trump's first win in 2016, when it rose from approximately $725, creating seven consecutive bullish candlesticks and setting the stage for its subsequent record highs.
Currently trading around $76,000, Severino speculates that Bitcoin could replicate this historical pattern and potentially reach $100,000 per coin.
Will Bitcoin Soar To $170,000 This Cycle?
In a bullish outlook, Severino suggested that Bitcoin could rise to $170,000 in the coming months. He referenced technical analysis using Elliott Waves, indicating that Bitcoin is poised to start a fifth impulse wave, the last bullish wave, which could lead to a target of $170,000 by 2025.
As of now, Bitcoin trades at $76,450, having established an all-time high of $77,239 recently. The ongoing bullish momentum suggests potential for further increases, particularly as Trump prepares to take office in January 2025.
Featured image from Investopedia, chart from TradingView