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Bitcoin price reached a new one all-time high (ATH) as it surged past $73,700, rising to $75,000 on November 6. Following this development, crypto analyst Tony Severino has revealed what to expect next from the flagship crypto.
Bitcoin Price Poised for “Fireworks” After New ATH
In an X message, Tony Severino indicated that Bitcoin price is poised to experience a parabolic rally as he told market participants to expect fireworks above $75,000. The crypto analyst also revealed that Bitcoin was approaching the two-week upper Bollinger Band, while the bands are the tightest in history according to BBWidth.
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The accompanying chart, which the crypto analyst shared, showed that Bitcoin’s price could rise as high as $140,000, with the flagship crypto reaching a potential market top in 2025. Tony Severino had previously said that Bitcoin was approaching the strongest part of the market. running of the bulls and explained how, based on historical trends, BTC could rise to $133,000.
Indeed, Bitcoin price appears to be entering the strongest part of the bull run, after surging to a new all-time high. This recent price increase to a new ATH is thanks to Donald Trump, who has been elected the next American president. This offers a bullish outlook for Bitcoin and the broader crypto market, as the US President-elect has publicly expressed his support for Bitcoin and other cryptocurrencies.
Besides Trump strolling to victory, it’s worth noting that the Bitcoin price has historically never been below the level it was at. US presidential election to dawn. Therefore, this is likely the lowest range at which the flagship crypto could trade before registering the next parabolic leg of this bull run.
An interest rate cut by the Fed is also on the horizon
In addition to Donald Trump’s victory, there are several other catalysts poised to drive the next leg of the Bitcoin bull run. One of them is a possible Fed rate cut expected to happen on November 7, which is bullish for the Bitcoin price. The US Federal Reserve starts its FOMC meeting today and will decide on an interest rate cut tomorrow.
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CME Fedwatch data shows a 97.6% chance that the Fed will cut rates by 25 basis points (bps). This provides a bullish outlook for the Bitcoin price as more capital will flow into the ecosystem. Institutional investors are also on the sidelines, as they are likely to invest more money in the economy Discover Bitcoin ETFs after the American elections and an interest rate cut by the Fed.
At the time of writing, the Bitcoin price is trading around $74,500, up over 9% in the past 24 hours. facts from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com