As a seasoned analyst with over two decades of experience in financial markets, I have seen bull runs and bear markets come and go. However, the 2024 Bitcoin rally has been one for the books, particularly given its meteoric rise to nearly $100,000 this year.
2024 saw a substantial increase for Bitcoin, with its value more than doubling since the start of the year and nearing the symbolic $100,000 milestone. Notably, well-known crypto analyst Tony “The Bull” Severino from platform X predicted when the peak price of BTC during this bull run might occur. His analysis indicates a potential Bitcoin top within the next two months due to the observed trends in its movement.
Analyst Calls Bitcoin Top With Cyclical Patterns
This year’s significant rise in Bitcoin price can be attributed to multiple reasons. One is the election of President Donald Trump, who has shown positive sentiment towards cryptocurrencies and suggested policies beneficial to the sector. Furthermore, the early-year approval of US Spot Bitcoin exchange-traded funds (ETFs) has encouraged increased institutional investment, thereby boosting Bitcoin’s demand.
Regarding Donald Trump, it’s been predicted that he’ll be inaugurated as the U.S. President on January 20, 2025. It’s worth mentioning that analyst Tony Severino posits this inauguration could potentially halt the surge of Bitcoin. Nevertheless, his prediction is derived from a technical study of Bitcoin’s price fluctuations.
On social media platform X, Severino presented an analysis suggesting a connection between Bitcoin’s price fluctuations and the Elliott Wave Theory, a widely-used technical analysis method focusing on repetitive wave patterns in prices. He noted that the high points of waves 1 and 3, along with the low points of waves 2 and 4 in the current Bitcoin price trend, have matched up with particular time cycles since late 2023. This periodic behavior makes him speculate that the Bitcoin price could reach a substantial peak around the time of Donald Trump’s inauguration.
“Buy the election. Sell the inauguration,” Tony remarked.
What To Expect From The BTC Price
This week’s Bitcoin trend began on a downward slope, nearing the $100,000 mark over the weekend. Currently, its value has dipped to approximately $92,600. This decline is partly attributed to investors cashing in their profits and a recent withdrawal of funds from Spot Bitcoin ETFs within the last day. However, despite this temporary setback, the overall prediction for Bitcoin’s future price trend remains optimistic. The Crypto Fear and Greed Index continues to indicate high levels of greed among crypto investors.
According to Tony Severino’s recent assessment, we are currently witnessing the most robust phase (Wave 5) of Bitcoin’s bullish trend. His technical analysis indicates potential price escalations reaching $133,000 or potentially even $140,000. Furthermore, his latest evaluation suggests a possible peak for Bitcoin price around $145,000.
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2024-11-28 03:11