An impressive price target has been set for Bitcoin, which has reached an all-time high with the US presidential election.
The victory of pro-Bitcoin Donald Trump in the US election pushed BTC to a new record high. Analysts predict that the rise in BTC will continue even after the end of the elections. Many analysts believe that the price of BTC can reach $100 thousand.
Crypto analyst Tony Severino recently produced a surprising analysis for BTC. Severino argued that BTC is in an uptrend similar to gold’s rally.
Bitcoin is preparing for a big rally.
Speaking to his followers on X, Tony Severino touched on the connection between Bitcoin and gold. According to the analyst, the correlation in question arises from the cyclical movement of prices.
In reviewing Severino’s analysis, AMBCrypto used the following statements.
“While both assets show recurring “up,” “down” and “breakout” patterns, BTC has seemingly been tracking gold for years.“
If the analyst’s scenario turns out to be true, then March 2023 may see a rally similar to that of gold in BTC.
Severino said that BTC needs to test more support points to continue the cycle. The analyst warned that BTC could pull back to $64,500 before the uptrend.
Arguing that despite the ups and downs, the general outlook is positive, Severino noted the following.
“If the cycle happens, we could reach BTC $100k in the first quarter of 2025.”
Matthew Siegel, head of research at VanEck Digital Assets, also said he expects Bitcoin to rise. Sigel claimed that if a cycle like the 2020 US election occurs, BTC will reach $188,000.
Cryptoanalyst Ben Armstrong, better known as BitBoy, cryptoanalyst Ali Martinez and Michael van de Pope, founder of MN Consultancy, gave exclusive statements to Coinkolik. Famous analysts argued that BTC will continue its rise even after the elections.
This article does not contain investment advice or recommendations. Every investment and trading venture involves risk, and readers should do their own research when making decisions.
