Bitcoin Price Touches $75,000 ATH: Analyst Says This Is What You Should Expect Next
06 November 2024 - 3:00PM
NEWSBTC
The Bitcoin price hit a new all-time high (ATH) as it surged past
$73,700 and rose to as high as $75,000 on November 6. Following
this development, crypto analyst Tony Severino has revealed what to
expect next from the flagship crypto. Bitcoin Price Ready For
“Fireworks” After New ATH In an X post, Tony Severino indicated
that the Bitcoin price is ready to experience a parabolic rally, as
he told market participants to expect fireworks above $75,000. The
crypto analyst also revealed that Bitcoin was approaching the
2-week upper Bollinger Band while the bands are the tightest in
history according to the BBWidth. Related Reading: Dogecoin
Price Marks Local Bottom, Can Price Run 100% From Here Again? The
accompanying chart, which the crypto analyst shared, showed that
the Bitcoin price could rise to as high as $140,000, with the
flagship crypto reaching a potential market top in 2025. Tony
Severino had previously mentioned that Bitcoin was approaching the
strongest part of the bull run and explained how, based on
historical trends, BTC could rise to as high as $133,000.
Indeed, the Bitcoin price looks to be entering the strongest part
of the bull run following its rise to a new all-time high. This
recent price rally to a new ATH is thanks to Donald Trump, who has
been elected to become the next US president. This provides a
bullish outlook for Bitcoin and the broader crypto market since the
US president-elect has publicly declared his support for Bitcoin
and other cryptocurrencies. Besides Trump coasting to
victory, it is worth mentioning that the Bitcoin price has
historically never been below the levels it was at on US
presidential election days. Therefore, this is likely the lowest
range the flagship crypto might trade at before it records the next
parabolic leg of this bull run. A Fed Rate Cut Is Also On The
Way In addition to Donald Trump’s victory, some other catalysts are
lined up to spark the next leg of the Bitcoin bull run. One is a
possible Fed rate cut that is expected to come on November 7, which
is bullish for the Bitcoin price. The US Federal Reserve begins its
FOMC meeting today and will decide on a rate cut by tomorrow.
Related Reading: Dogecoin Whales Record Largest Accumulation Week
Since January With 2.10 Billion Tokens Bought CME Fedwatch data
shows a 97.6% chance the Fed will cut interest rates by 25 basis
points (bps). This provides a bullish outlook for the Bitcoin price
as more capital is set to flow into its ecosystem. Institutional
investors are also on the sidelines as they will likely invest more
money in the Spot Bitcoin ETFs after the US elections and a Fed
rate cut. At the time of writing, the Bitcoin price is
trading at around $74,500, up over 9% in the last 24 hours,
according to data from CoinMarketCap. Featured image created
with Dall.E, chart from Tradingview.com
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