Can The Donald Trump Win Drive Bitcoin Price To $170,000 This Cycle?

Scott Matherson

7 months ago

3 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

The victory of Donald Trump in the US presidential election has been confirmed, leaving cryptocurrency investors speculating about the impact on Bitcoin’s price trajectory in the next four years. Interestingly, the market has already been given a taste of the possible effects.

In fact, the mere news of Trump’s win has pushed the Bitcoin price into uncharted territory. Since the announcement, Bitcoin has surged, reaching a recent peak of $77,239.

According to a crypto analyst, the Bitcoin price has always rallied after US elections, but the price surge tends to be even more pronounced after a Trump win.

Can The Trump Win Continue To Push Bitcoin Price Upwards?

Crypto analyst Tony “The Bull” Severino, CMT, recently took to social media platform X to highlight an intriguing historical pattern between Donald Trump’s presidential victories and Bitcoin’s price movements. According to Severino, while Bitcoin has consistently rallied following US elections, the price surge was especially pronounced when Trump was first elected in 2016.

Severino backed up his analysis with data from Bitcoin’s November 2016 performance on the two-month candlestick chart. At that time, Bitcoin was trading at approximately $725. After that election, the Bitcoin price went on to create seven consecutive bullish candlesticks following Trump’s win, setting off a remarkable rally that continued into 2017 and laid the foundation for Bitcoin’s ascent to its then-record highs.

Bitcoin is currrently trading at $76,626. Chart: TradingView

Now, with Bitcoin currently trading around $76,000 in the wake of Trump’s latest victory, Severino speculates whether the cryptocurrency could replicate this historical pattern. Interestingly, the analyst believes a repeat of this run could happen with Trump’s win, and Bitcoin could now make its move toward $100,000 per coin.

Will Bitcoin Soar To $170,000 This Cycle?

Still in the spirit of a bullish crypto market after Trump’s win, Tony Severino mentioned the possibility of the Bitcoin price soaring to $170,000 in the coming months. In another technical analysis, Tony highlighted the Bitcoin price action from October 2023 using Elliott Waves.

According to this outlook, Bitcoin is about to start a fifth impulse wave, which is known to be the third and last bullish wave. With this in mind, the analyst pointed to Bitcoin pushing to reach $170,000 in 2025. “Are you prepared?” he asked.

At the time of writing, Bitcoin is trading at $76,450, having established a new all-time high of $77,239 in the past 12 hours. The streak of all-time highs seems like it isn’t stopping anytime soon, as the market continues to reel in bullish momentum.

For now, the early indicators and price sentiment suggest that the Bitcoin price is gearing up for a new wave in light of Trump’s win. This rally could continue on at this pace and shoot up massively when Trump is sworn into office in January 2025.

Featured image from Investopedia, chart from TradingView

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.