Bitcoin has surged to an unprecedented new all-time high, breaking past $73,700 and soaring to as much as $75,000 on November 6. This remarkable achievement has led crypto analyst Tony Severino to shed light on what lies ahead for the leading cryptocurrency.
In a social media post, Severino highlighted that Bitcoin’s price is poised for a parabolic rally, encouraging market participants to brace for further significant gains above $75,000. He pointed out that Bitcoin is nearing the upper Bollinger Band on a bi-weekly chart, marking the tightest bands in history as per the BBWidth indicator.
The chart accompanying Severino’s analysis suggests that Bitcoin could skyrocket to an astonishing $140,000, potentially peaking in 2025. His previous insights had anticipated Bitcoin’s approach to the bull run’s zenith, with projected prices reaching up to $133,000 based on historical patterns.
This recent surge to a new all-time high coincides with the election of Donald Trump as the next President of the United States, a development that has injected positivity into the crypto market. Trump’s endorsement of Bitcoin and other cryptocurrencies has fueled a bullish sentiment, reinforcing the upward momentum.
Additionally, Severino emphasized that Bitcoin has historically maintained prices above those recorded on U.S. presidential election days, implying that the current levels may be the lowest before the next major upswing.
Further bolstering Bitcoin’s prospects is the anticipation of a Federal Reserve rate cut, expected to be announced on November 7. The U.S. Federal Reserve is holding its Federal Open Market Committee (FOMC) meeting, where a decision on reducing interest rates by 25 basis points is highly likely, with CME Fedwatch data indicating a 97.6% probability. Such a cut is likely to channel additional capital into Bitcoin’s ecosystem, especially from institutional investors poised to invest more heavily in Spot Bitcoin ETFs following the election and rate change.
As of now, Bitcoin is trading at approximately $74,500, marking an impressive 9% increase over the last 24 hours, according to CoinMarketCap data.
