The Bitcoin worth 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 improvement, crypto analyst Tony Severino has revealed what to anticipate subsequent from the flagship crypto.
Bitcoin Worth Prepared For “Fireworks” After New ATH
In an X publish, Tony Severino indicated that the Bitcoin worth is able to expertise a parabolic rally, as he informed market contributors to anticipate 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 response to the BBWidth.
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The accompanying chart, which the crypto analyst shared, confirmed that the Bitcoin worth may rise to as excessive as $140,000, with the flagship crypto reaching a possible market high 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 tendencies, BTC may rise to as excessive as $133,000.
Certainly, the Bitcoin worth seems to be coming into the strongest a part of the bull run following its rise to a brand new all-time excessive. This latest worth rally to a brand new ATH is due to Donald Trump, who has been elected to develop into the following US president. This gives a bullish outlook for Bitcoin and the broader crypto market because the US president-elect has publicly declared his help for Bitcoin and different cryptocurrencies.
Apart from Trump coasting to victory, it’s price mentioning that the Bitcoin worth has traditionally by no means been beneath the degrees it was at on US presidential election days. Due to this fact, that is doubtless the bottom vary the flagship crypto may commerce at earlier than it data the following parabolic leg of this bull run.
A Fed Charge Reduce Is Additionally On The Manner
Along with Donald Trump’s victory, another catalysts are lined as much as spark the following leg of the Bitcoin bull run. One is a potential Fed charge minimize that’s anticipated to return on November 7, which is bullish for the Bitcoin worth. The US Federal Reserve begins its FOMC assembly at present and can resolve on a charge 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 gives a bullish outlook for the Bitcoin worth as extra capital is about to circulate into its ecosystem. Institutional traders are additionally on the sidelines as they are going to doubtless make investments more cash within the Spot Bitcoin ETFs after the US elections and a Fed charge minimize.
On the time of writing, the Bitcoin worth is buying and selling at round $74,500, up over 9% within the final 24 hours, in response to data from CoinMarketCap.
Featured picture created with Dall.E, chart from Tradingview.com
