The Bitcoin value hit a brand new all-time high (ATH) because it surged previous $73,700 and rose to as excessive as $75,000 on November 6. Following this growth, crypto analyst Tony Severino has revealed what to anticipate subsequent from the flagship crypto.
Bitcoin Price Ready For “Fireworks” After New ATH
In an X put up, Tony Severino indicated that the Bitcoin value is able to expertise a parabolic rally, as he advised market individuals to count on fireworks above $75,000. The crypto analyst additionally revealed that Bitcoin was approaching the 2-week higher Bollinger Band whereas the bands are the tightest in historical past in accordance with the BBWidth.
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The accompanying chart, which the crypto analyst shared, confirmed that the Bitcoin value may rise to as excessive as $140,000, with the flagship crypto reaching a possible market prime in 2025. Tony Severino had beforehand talked about that Bitcoin was approaching the strongest a part of the bull run and defined how, primarily based on historic traits, BTC may rise to as excessive as $133,000.
Indeed, the Bitcoin value seems to be to be coming into the strongest a part of the bull run following its rise to a brand new all-time excessive. This latest value rally to a brand new ATH is due to Donald Trump, who has been elected to turn out to be the following US president. This supplies a bullish outlook for Bitcoin and the broader crypto market for the reason that US president-elect has publicly declared his help for Bitcoin and different cryptocurrencies.
Besides Trump coasting to victory, it’s price mentioning that the Bitcoin value has traditionally by no means been beneath the degrees it was at on US presidential election days. Therefore, that is possible the bottom vary the flagship crypto may commerce at earlier than it data the following parabolic leg of this bull run.
A Fed Rate Cut Is Also On The Way
In addition to Donald Trump’s victory, another catalysts are lined as much as spark the following leg of the Bitcoin bull run. One is a doable Fed fee minimize that’s anticipated to return on November 7, which is bullish for the Bitcoin value. The US Federal Reserve begins its FOMC assembly at this time and can determine on a fee minimize by tomorrow.
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CME Fedwatch data reveals a 97.6% likelihood the Fed will minimize rates of interest by 25 foundation factors (bps). This supplies a bullish outlook for the Bitcoin value as extra capital is about to movement into its ecosystem. Institutional traders are additionally on the sidelines as they may possible make investments more cash within the Spot Bitcoin ETFs after the US elections and a Fed fee minimize.
At the time of writing, the Bitcoin value is buying and selling at round $74,500, up over 9% within the final 24 hours, in accordance with data from CoinMarketCap.
Featured picture created with Dall.E, chart from Tradingview.com
