Donald Trump's victory in the U.S. presidential election has been confirmed, leading cryptocurrency investors to speculate about the impact on Bitcoin's price trajectory over the next four years. Interestingly, the market has already begun to experience potential effects.
In fact, the news of Trump's victory alone has pushed the price of Bitcoin to a new height. Since the announcement, Bitcoin has surged, reaching a recent peak of $77,239. According to a cryptocurrency analyst, Bitcoin's price tends to rise after elections in the United States, but the price increases tend to be more pronounced after Trump wins.
Could Trump's victory continue to push Bitcoin's price higher?
Cryptocurrency analyst Tony 'The Bull' Severino, CMT, recently used the social media platform X to highlight an interesting historical pattern between Donald Trump's presidential election victory and Bitcoin's price volatility. According to Severino, while Bitcoin continuously rose after U.S. elections, the price increases were particularly pronounced when Trump was first elected in 2016.
Severino supported his analysis with data from Bitcoin's performance in November 2016 on a two-month candlestick chart. At that time, Bitcoin was trading at around $725. After that election, the price of Bitcoin continued to create seven consecutive bullish candles following Trump's victory, resulting in a notable price surge that lasted until 2017 and set the stage for Bitcoin's record high at that time.
Currently, with Bitcoin trading around $76,000 following Trump's latest victory, Severino speculates whether this cryptocurrency can repeat this historical pattern. Interestingly, the analyst believes that a repetition of this price surge could occur with Trump's victory and that Bitcoin could now aim for $100,000 per coin.
Will Bitcoin surge to $170,000 in this cycle?
Still in the spirit of the bullish cryptocurrency market after Trump's victory, Tony Severino mentioned the possibility of Bitcoin's price soaring to $170,000 in the coming months. In another technical analysis, Tony highlighted Bitcoin's price action from October 2023 using Elliott Waves.
According to this outlook, Bitcoin is about to begin a fifth impulse wave, known as the third bullish wave and also the final one. With this, the analyst indicates Bitcoin will reach $170,000 by 2025. 'Are you ready?' he asks.
At the time of writing, Bitcoin is trading at $76,450, having set a new all-time high of $77,239 in the past 12 hours. The series of all-time highs seems unlikely to stop soon, as the market continues to grow strongly.
Currently, initial indicators and price sentiment suggest that the price of Bitcoin is gearing up for a new wave following Trump's victory. This bullish trend could continue at this pace and increase significantly when Trump is sworn in in January 2025.
