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Donald Trump's victory in the US presidential election has been confirmed, leaving cryptocurrency investors speculating about the impact on bitcoin's price trajectory over the next four years. Curiously, the market has They have already given it a try of the possible effects.
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In fact, the mere news of Trump's victory has pushed up the price of bitcoin into unexplored territory. Since the announcement, bitcoin has surged, reaching a recent high of $77,239.
According to a crypto analyst, the price of bitcoin has always risen after the US elections, but the price increase tends to be even steeper after Trump's victory.
Can Trump's Victory Continue to Drive bitcoin Price Up?
crypto analyst Tony “The Bull” Severino, CMT, recently visited the social media platform x.com/tonythebullBTC/status/1855019858230231139″ target=”_blank” rel=”nofollow”>highlight an intriguing historical pattern between Donald Trump's presidential victories and bitcoin price movements. According to Severino, while bitcoin has bitcoin-price-history-suggests-post-election-rally-ahead/” target=”_blank” rel=”nofollow”>bounced back consistently after the US electionsThe price increase was especially pronounced when crypto-war-resolution-trump/” target=”_blank” rel=”nofollow”>Trump was first elected in 2016.
Severino backed up his analysis with data from bitcoin's performance in November 2016 on the two-month candlestick chart. At the time, bitcoin was trading at approximately $725. Following that election, bitcoin price created seven consecutive bullish candles following Trump's victory, triggering a notable rally that continued into 2017 and laid the groundwork for bitcoin's rise to its record highs at the time.
Now, with bitcoin currently trading around $76,000 following Trump's latest victory, Severino speculates whether the cryptocurrency could replicate this historical pattern. Curiously, the analyst believes A repeat of this streak could occur with Trump's victory, and bitcoin could now move towards $100,000 per coin.
Will bitcoin Soar to $170,000 This Cycle?
Still in the spirit of a bullish crypto market after Trump's victory, Tony Severino mentioned the possibility of bitcoin's price skyrocketing to $170,000 in the coming months. In another technical analysis, Tonyx.com/tonythebullBTC/status/1854882921997287628″ target=”_blank” rel=”nofollow”> highlighted bitcoin price action from October 2023 using Elliott Waves.
According to this perspective, bitcoin is about to start a fifth wave of momentumwhich is known to be the third and final bullish wave. With this in mind, the analyst noted that bitcoin is pushing to reach $170,000 by 2025. “Are you ready?” asked.
At the time of writing, bitcoin is trading at $76,450, having set a new all-time high of $77,239 in the last 12 hours. The streak of all-time highs looks like it won't stop anytime soon as the market continues to enjoy bullish momentum.
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For now, early indicators and price sentiment suggest that bitcoin price is preparing for a new wave in light of Trump's victory. This rally could continue at this rate and skyrocket massively when Trump takes office in January 2025.
Featured image from Investopedia, chart from TradingView
