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Donald Trump’s victory in the US presidential election has been confirmed, leading cryptocurrency investors to speculate on the impact on Bitcoin’s price trajectory over the next four years. Interestingly, the market has already got a taste of the possible effects.
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In fact, merely the news of Trump’s victory has depressed the Bitcoin price into unknown territory. Since the announcement, Bitcoin has soared, reaching a recent peak of $77,239.
According to a crypto analyst, the price of Bitcoin has always risen after the American elections, but the price increase after a Trump victory is often even more pronounced.
Could Trump’s victory continue to push the Bitcoin price higher?
Crypto analyst Tony “The Bull” Severino, CMT, recently took to social media platform X to emphasize an intriguing historical pattern between Donald Trump’s presidential victories and Bitcoin’s price movements. According to Severino, while Bitcoin has consistently recovered after the US electionsthe price increase was especially pronounced then Trump was first elected in 2016.
Severino supported his analysis with data from Bitcoin’s November 2016 performance on the two-month candlestick chart. At the time, Bitcoin was trading at around $725. After that election, Bitcoin price created seven consecutive bullish candlesticks following Trump’s victory, sparking a remarkable rally that continued into 2017 and laid the foundation for Bitcoin’s climb to its then-record highs.
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 enough, says the analyst a repeat of this run could happen with Trump’s victory, and Bitcoin could now make its move towards $100,000 per coin.
Will Bitcoin Rise to $170,000 This Cycle?
Still in the spirit of a bullish crypto market after Trump’s victory, Tony Severino mentioned the possibility of the Bitcoin price rising to $170,000 in the coming months. In another technical analysis, Tony marked the October 2023 Bitcoin price action using Elliott Waves.
According to these prospects Bitcoin is about to start a fifth momentum wavewhich is known to be the third and final bullish wave. With this in mind, the analyst pointed out that Bitcoin is aiming to reach $170,000 by 2025. “Are you prepared?” he asked.
At the time of writing, Bitcoin is trading at $76,450 after hitting a new all-time high of $77,239 in the past 12 hours. It appears the streak of record highs won’t stop anytime soon as the market continues to benefit from bullish momentum.
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For now, early indicators and price sentiment suggest that Bitcoin price is gearing up for a new surge in light of Trump’s victory. This rally could continue at this pace and soar if Trump is sworn in in January 2025.
Featured image from Investopedia, chart from TradingView