Bitcoin has experienced a significant rally in 2024, and its price has more than doubled since the beginning of the year to approach the psychological $100,000 mark. Interestingly, Tony “The Bull” Severino, a popular crypto analyst on the social media platform X, suggested when to expect the peak of the BTC price this bull run, with price movements pointing to a Bitcoin top in the next two months.
Analyst Calls Bitcoin Top With Cyclical Patterns
The BTC price surge throughout this year can be attributed to several factors, including the election of President Donald Trump, who has expressed support for cryptocurrencies and proposed policies favorable to the industry. Additionally, the approval of US-based Spot Bitcoin exchange-traded funds (ETFs) very early in the year has facilitated increased institutional investment, further driving the demand for BTC.
Speaking of Donald Trump, the inauguration as new president of the United States is slated to take place on January 20, 2025. Notably, analyst Tony Severino suggests this period inauguration might actually be the one to stop the BTC rally in its tracks. However, his projection is based on a technical analysis of the Bitcoin price movements.
Severino’s analysis, which was shared on the social media platform X, highlights a pattern in the BTC price movements that has aligned with the Elliott Wave Theory, which is a popular technical analysis framework that identifies recurring price wave patterns. He observes that the peaks of waves 1 and 3, as well as the troughs of waves 2 and 4 in the current BTC price cycle, have corresponded closely with specific time cycles since late 2023. This cyclical behavior leads him to propose that the Bitcoin price may reach a significant peak around the time of the Donald Trump inauguration.
What To Expect From The BTC Price
The Bitcoin price action started this week on a bearish note after almost touching the $100,000 price mark over the weekend. Particularly, the BTC price has declined to around $92,600 at the time of writing, partly due to profit-taking by investors and a net outflow in the Spot Bitcoin ETFs in the past 24 hours. Despite this correction, the long-term outlook for the Bitcoin price remains positive. The crypto Fear and Greed Index is still pointing to extreme greed among crypto investors.
Tony Severino noted in another analysis that the Bitcoin price is currently in the strongest Wave 5 of its bull run, with projections suggesting price increases to $133,000 or even $140,000. His latest technical analysis of the BTC price top supports this price range, with the analyst pointing to a Bitcoin price top of around $145,000.
