The confirmation of Donald Trump’s victory in the US presidential election has stirred fervent speculation among cryptocurrency investors concerning Bitcoin’s price trajectory over the next four years. Remarkably, the market has already begun to experience the impact.
Following the news of Trump’s win, Bitcoin’s price has surged into unprecedented territory, with a recent peak reaching $77,239. According to a leading crypto analyst, Bitcoin has historically shown significant rallies post-US elections, with a more pronounced spike observed following Trump’s victories.
Notably, crypto analyst Tony “The Bull” Severino, CMT, utilized the social media platform X to highlight a compelling historical pattern linking Trump’s election wins to Bitcoin’s price movements. Severino emphasized that while Bitcoin generally rallies after US elections, the price surge was especially significant when Trump was first elected in 2016.
Severino supported his analysis with data from Bitcoin’s performance in November 2016 on the two-month candlestick chart. During that period, Bitcoin was trading around $725. Following Trump’s election, Bitcoin embarked on a remarkable rally, creating seven consecutive bullish candlesticks and continuing its ascent well into 2017, eventually reaching then-record highs. Recently, Bitcoin is trading at $76,626, according to TradingView.
Currently, with Bitcoin hovering around $76,000 in the wake of Trump’s latest victory, Severino speculates whether the cryptocurrency could replicate its historical performance. The analyst suggests that a similar run could emerge, with Bitcoin potentially climbing towards $100,000 per coin.
Considering the bullish sentiment surrounding the crypto market following Trump’s win, Severino even posited the possibility of Bitcoin reaching $170,000 in the coming months. He referenced Bitcoin’s price action from October 2023, applying Elliott Wave theory, which predicts that Bitcoin is about to commence a fifth impulse wave—the final bullish wave. Severino’s analysis implies that Bitcoin could potentially reach $170,000 by 2025, prompting him to ask, “Are you prepared?”
At the time of writing, Bitcoin stands at $76,450, having established a new all-time high of $77,239 within the past 12 hours. The streak of all-time highs appears unstoppable as the market remains buoyed by bullish momentum.
For now, early indicators and prevailing price sentiments suggest that Bitcoin is gearing up for a new surge in light of Trump’s victory. This rally is expected to persist, with potential for substantial growth as Trump is sworn into office in January 2025.
