Trump’s Presidential Win Sparks Bitcoin Surge: Could It Climb to $170,000 This Cycle?
Donald Trump’s confirmed victory in the U.S. presidential election has sparked fresh speculation among cryptocurrency investors about Bitcoin’s future price path. Since the announcement, Bitcoin has surged to a recent high of $77,239, signaling a possible bullish trend driven by renewed market optimism.
Crypto analyst Tony “The Bull” Severino, CMT, recently noted a compelling historical trend linking Trump’s election wins with notable Bitcoin price rallies. According to Severino, while Bitcoin has typically surged following U.S. elections, the price gains were especially pronounced after Trump’s first win in 2016.
Severino highlighted Bitcoin’s November 2016 performance, pointing to a sustained rally that began with Trump’s victory. At that time, Bitcoin was trading around $725 and went on to form seven consecutive bullish candlesticks, paving the way for its historic climb through 2017. This pattern, he suggests, could repeat with Trump’s current win, potentially driving Bitcoin toward $100,000—and possibly higher.
With Bitcoin now hovering around $76,000, Severino and others are watching closely to see if Trump’s win could once again set the stage for a major Bitcoin rally. Could Bitcoin replicate its 2016 ascent and push toward the coveted $170,000 mark in this cycle? Investors are watching keenly for signs that history might indeed repeat itself.
Can Bitcoin Reach $170,000 This Cycle?
With renewed bullish momentum following Trump’s election win, crypto analyst Tony Severino has proposed a scenario where Bitcoin might climb to $170,000 in the coming months. In his recent analysis, Severino examined Bitcoin’s price action since October 2023 through the lens of Elliott Wave theory.
According to Severino, Bitcoin appears set to enter a fifth impulse wave—the final and often most powerful bullish wave. This wave, he suggests, could propel Bitcoin toward $170,000 by 2025. “Are you prepared?” Severino teased, hinting at a potential surge ahead.
Currently, Bitcoin is trading at $76,450, just shy of a new all-time high of $77,239 set within the last 12 hours. The market’s bullish momentum shows no signs of slowing, and with Trump’s victory boosting investor sentiment, early indicators suggest that Bitcoin’s price could continue climbing, potentially gaining even more traction leading up to Trump’s January 2025 inauguration.
