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Donald Trump’s victory in the US presidential election has been confirmed, leaving cryptocurrency investors to speculate on the impact of Bitcoin’s price trajectory over the next four years. It is interesting that the market has already given to taste of possible outcomes.
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In fact, it’s just news of Trump’s win pushed up the value of Bitcoin at an unspecified location. Since the announcement, Bitcoin has surged, reaching a recent high of $77,239.
According to a crypto analyst, the price of Bitcoin has been rallying after the US election, but the price increase tends to be even more pronounced after Trump’s win.
Does Trump Win Continue To Increase The Price Of Bitcoin?
Crypto analyst Tony “The Bull” Severino, CMT, recently joined social media platform X to highlight an interesting historical pattern between the presidential victory of Donald Trump and the movement of the price of Bitcoin. According to Severino, while Bitcoin has meets regularly following US electionsprice increases were particularly pronounced there Trump was first elected in 2016.
Severino supported his analysis with data from Bitcoin’s November 2016 performance on the two-month stick chart. At the time, Bitcoin was trading around $725. After that election, the price of Bitcoin went on to build seven consecutive candlesticks following Trump’s victory, starting a spectacular rally that continued in 2017 and laid the foundation for Bitcoin’s ascent to its record highs at that time.
Now, with Bitcoin currently trading at around $76,000 after Trump’s recent victory, Severino speculates on whether the cryptocurrency can repeat this historical pattern. It is interesting that the analyst believes a repeat of this run is possible with a Trump win, and Bitcoin can now go to $100,000 per coin.
Will Bitcoin Reach $170,000 This Cycle?
Amidst the high-stakes crypto market after Trump’s win, Tony Severino has hinted that the price of Bitcoin may rise to $170,000 in the coming months. On another technical analysis, Tony highlighted Bitcoin price action since October 2023 using Elliott Waves.
According to this theory, Bitcoin is about to start a fifth impulse waveknown as the third and final bullish wave. With this in mind, the analyst pointed to Bitcoin pushing to reach $170,000 in 2025. “Are you ready?” he asked.
At the time of writing, Bitcoin is trading at $76,450, setting a new high of $77,239 in the last 12 hours. The streak of all-time highs doesn’t seem to be stopping anytime soon, as the market continues to rise strongly.
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At the moment, the early indicators and the price point suggest that the price of Bitcoin is preparing for a new wave due to Trump’s victory. This meeting could continue at this pace and become more advanced when Trump is sworn into office in January 2025.
Featured image from Investopedia, chart from TradingView
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