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The price of Bitcoin hit a new one all time high (ATH) as it passed $73,700 and rose to $75,000 on November 6. After this development, crypto analyst Tony Severino revealed what to expect next from the crypto flagship.
Bitcoin Price Ready for “Explosions” After New ATH
In X’s post, Tony Severino indicated that the price of Bitcoin is ready to experience a parabolic rally, as he told market participants that they expect explosives above $75,000. The crypto analyst also pointed out that Bitcoin was approaching the 2-week high of the Bollinger Band while the bands were the strongest in history according to BBWidth.
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The accompanying chart, shared by a crypto analyst, showed that the price of Bitcoin could rise to $140,000, with the crypto-flagship reaching a potential market peak in 2025. Tony Severino had previously said that Bitcoin is approaching a strong crypto segment. run the bull and explained that, based on historical trends, BTC could rise up to $133,000.
Indeed, Bitcoin price looks to be entering the strongest part of the bull run following its recent all-time high. This recent price rally to a new ATH is thanks to Donald Trump, who has been nominated to be the next US president. This provides a better view of Bitcoin and the broader crypto market since the US president-elect publicly announced his support for Bitcoin and other cryptocurrencies.
Without going into Trump’s victory, it is worth mentioning that the price of Bitcoin has historically never been below the levels it was at. US presidential election days. Therefore, this is the lowest range that the main crypto can trade at before it records the next parabolic leg of this bull run.
A Fed Rate Cut is also on the way
In addition to Donald Trump’s victory, other catalysts have been lined up to spark the next leg of the Bitcoin bull run. One is the Fed rate cut expected to come on November 7, which is bullish for the price of Bitcoin. The US Federal Reserve begins its FOMC meeting today and will decide on a rate cut tomorrow.
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CME Fedwatch data indicates a 97.6% chance the Fed will cut interest rates by 25 basis points (bps). This gives a bearish outlook on the price of Bitcoin as more money is set to flow into its ecosystem. Institutional investors are also on the sidelines as they are likely to invest heavily in Spot Bitcoin ETFs after the US election and the Fed rate cut.
At the time of writing, the price of Bitcoin is trading at around $74,500, up more than 9% in the last 24 hours, according to data from CoinMarketCap.
The featured image was created with Dall.E, a chart from Tradingview.com
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