Can The Donald Trump Win Drive Bitcoin Price To $170,000 This Cycle?
The victory of Donald Trump in the US presidential election has been confirmed, leaving cryptocurrency investors speculating about the impact on Bitcoin’s price trajectory in the next four years. Interestingly, the market has already been given a taste of the possible effects.
In fact, the mere news of Trump’s win has pushed the Bitcoin price into uncharted territory. Since the announcement, Bitcoin has surged, reaching a recent peak of $77,239.
According to a crypto analyst, the Bitcoin price has always rallied after US elections, but the price surge tends to be even more pronounced after a Trump win.
Can The Trump Win Continue To Push Bitcoin Price Upwards?
Crypto analyst Tony “The Bull” Severino, CMT, recently took to social media platform X to highlight an intriguing historical pattern between Donald Trump’s presidential victories and Bitcoin’s price movements. According to Severino, while Bitcoin has consistently rallied following US elections, the price surge was especially pronounced when Trump was first elected in 2016.
Severino backed up his analysis with data from Bitcoin’s November 2016 performance on the two-month candlestick chart. At that time, Bitcoin was trading at approximately $725. After that election, the Bitcoin price went on to create seven consecutive bullish candlesticks following Trump’s win, setting off a remarkable rally that continued into 2017 and laid the foundation for Bitcoin’s ascent to its then-record highs.
Now, with Bitcoin currently trading around $76,000 in the wake of Trump’s latest victory, Severino speculates whether the cryptocurrency could replicate this historical pattern. Interestingly, the analyst believes a repeat of this run could happen with Trump’s win, and Bitcoin could now make its move toward $100,000 per coin.
Will Bitcoin Soar To $170,000 This Cycle?
Still in the spirit of a bullish crypto market after Trump’s win, Tony Severino mentioned the possibility of the Bitcoin price soaring to $170,000 in the coming months. In another technical analysis, Tony highlighted the Bitcoin price action from October 2023 using Elliott Waves.
According to this outlook, Bitcoin is about to start a fifth impulse wave, which is known to be the third and last bullish wave. With this in mind, the analyst pointed to Bitcoin pushing to reach $170,000 in 2025. “Are you prepared?” he asked.
At the time of writing, Bitcoin is trading at $76,450, having established a new all-time high of $77,239 in the past 12 hours. The streak of all-time highs seems like it isn’t stopping anytime soon, as the market continues to reel in bullish momentum.
For now, the early indicators and price sentiment suggest that the Bitcoin price is gearing up for a new wave in light of Trump’s win. This rally could continue on at this pace and shoot up massively when Trump is sworn into office in January 2025.
Featured image from Investopedia, chart from TradingView