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Bitcoin price has reached a new high All time high (ATH) It exceeded $73,700 and rose to $75,000 on November 6. Following this development, cryptocurrency analyst Tony Severino revealed what to expect next from the major cryptocurrency.
Bitcoin price is ready for “fireworks” after the new ATH
In X post, Tony Severino He signaled that Bitcoin’s price is ready to experience a parabolic rally, as he told market participants to expect fireworks above $75,000. The cryptocurrency analyst also revealed that Bitcoin is approaching the upper border of the Bollinger Band for two weeks, while the bands are the narrowest in history according to BBWidth.
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The accompanying chart, shared by a cryptocurrency analyst, showed that Bitcoin’s price could rise to $140,000, with the flagship cryptocurrency reaching a potential market high in 2025. Tony Severino had previously stated that Bitcoin is approaching the strongest part of the market . Running bull He explained how based on historical trends, Bitcoin could rise as high as $133,000.
In fact, Bitcoin price appears to be entering the strongest part of an uptrend after rising to a new all-time high. This recent rise in prices for a new ATH goes to Donald Trump, who was elected to become the next president of the United States. This provides a bullish outlook for Bitcoin and the broader cryptocurrency market since the US President-elect publicly declared his support for Bitcoin and other cryptocurrencies.
Besides Trump’s victory, it is worth noting that the price of Bitcoin has never historically been below the levels it was at back in the day US presidential elections days. Therefore, this is likely the lowest range the major cryptocurrency can trade in before it registers the next parabolic leg of this uptrend.
A Fed rate cut is also on the way
In addition to Donald Trump’s victory, there are some other catalysts lined up to spark the next phase of the election The rise of Bitcoin. The first is a potential interest rate cut by the Federal Reserve that is expected to take place on November 7, which is bullish for the Bitcoin price. The US Federal Reserve begins its FOMC meeting today and will decide to cut interest rates by tomorrow.
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CME Fedwatch data It shows a 97.6% probability that the Fed will cut interest rates by 25 basis points. This provides a bullish outlook for Bitcoin’s price as more capital is set to flow into its ecosystem. Institutional investors are also on the sidelines as they are likely to invest more money in Bitcoin ETFs After the US elections and interest rate cuts by the Federal Reserve.
At the time of writing, Bitcoin is trading at around $74,500, up more than 9% over the past 24 hours, according to Data From Coin Market Cap.
Featured image created with Dall.E, chart from Tradingview.com
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