Can Trump Win Push Bitcoin To $170,000 This Cycle?

Just news of Trump's election has sent Bitcoin into unprecedented territory. Bitcoin rose to $77,239 after the news.

According to a crypto specialist, Bitcoin prices typically rise following US elections, but after a Trump victory, they rise much more.

Can Bitcoin Price Rise After Trump Win?

Crypto expert Tony “The Bull” Severino, CMT, recently posted on X about a curious correlation between Donald Trump's presidential victory and Bitcoin's market swings. Severino says Bitcoin has always rebounded after US elections, but the price spike was exceptionally strong when Trump was elected in 2016.

Severino used Bitcoin's November 2016 two-month candlestick chart to support his claim. Bitcoin traded at $725 then. After Trump's victory, Bitcoin's price created seven consecutive bullish candlesticks, starting a stunning run that extended into 2017 and led to Bitcoin's record highs.

After Trump's election, Bitcoin is trading around $76,000, so Severino wonders whether it will repeat this trend. The researcher thinks Trump's triumph might replicate this run and push Bitcoin beyond $100,000 per coin.

Will Bitcoin Reach $170,000 This Cycle?

Tony Severino called for Bitcoin to reach $170,000 in the next months, still optimistic following Trump's triumph. Tony examined October 2023 Bitcoin price movement using Elliott Waves in another technical analysis.

It seems like Bitcoin is set to begin its fifth impulse wave, the third and last bullish wave. Considering this, the expert predicted Bitcoin would reach $170,000 in 2025. “Are you ready?”

Bitcoin reached a 12-hour high of $77,239 and is now trading at $76,450. With positive momentum, the market's run of all-time highs seems to be continuing.

After Trump's triumph, early signs and market sentiment anticipate a fresh Bitcoin price wave. This rally might continue and explode when Trump takes office in January 2025.

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