Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.

2021

Best News & Analysis Provider

FxDailyInfo

2022

Best Forex Educational Resources Global

International Business Magazine

Insights

News

Cryptocurrencies

Bitcoin Price Touches $75,000 ATH: Analyst Says This Is What You Should Expect Next

Source 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.

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.

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.

Bitcoin price chart from Tradingview.com

Disclaimer: For information purposes only. Past performance is not indicative of future results.

Recommended Articles

Ethereum (ETH) Price Closes Above $3,900 — Is a New All-Time High Possible Before 2024 Ends?Once again, the price of Ethereum (ETH) has risen above $3,900. This bounce has hinted at a further price increase for the altcoin before the end of the year.

Author Beincrypto

Dec 17, 2024

Once again, the price of Ethereum (ETH) has risen above $3,900. This bounce has hinted at a further price increase for the altcoin before the end of the year.

Ethereum slides below $3,000 as sellers defend $3,020 and $2,880 becomes the key line Ethereum fell below $3,000 after failing at $3,200, with resistance at $3,020 and key support at $2,880; a break lower could target $2,800 and $2,750, while a rebound needs $3,120–$3,150.

Author Mitrade

Jan 21, Wed

Ethereum fell below $3,000 after failing at $3,200, with resistance at $3,020 and key support at $2,880; a break lower could target $2,800 and $2,750, while a rebound needs $3,120–$3,150.

Bitcoin’s Whale Map Shifts as BTC Drops Below $90,000 Bitcoin fell below $90,000 to around $88,300 as risk-off headlines hit markets, while on-chain data shows new whales now lead Realized Cap with a ~$98,000 cost basis and ~$6B unrealized losses.

Author Mitrade

Yesterday 06: 16

Bitcoin fell below $90,000 to around $88,300 as risk-off headlines hit markets, while on-chain data shows new whales now lead Realized Cap with a ~$98,000 cost basis and ~$6B unrealized losses.

Gold moves away from record high as safe-haven demand fades on easing trade war concerns Gold (XAU/USD) is seen extending the previous day's modest pullback from the vicinity of the $4,900 mark, or a fresh all-time peak, and drifting lower through the Asian session on Thursday.

Author FXStreet

Yesterday 06: 57

Gold (XAU/USD) is seen extending the previous day's modest pullback from the vicinity of the $4,900 mark, or a fresh all-time peak, and drifting lower through the Asian session on Thursday.

Top 3 Price Forecast: BTC Shows Early Stabilization; ETH and XRP Still Look Heavy BTC trades near $89,900 after holding $87,787 support and eyeing the $91,942 50-day EMA, while ETH (~$2,964) remains capped below $3,017 and XRP (~$1.91) keeps downside risk toward $1.77 after failing to reclaim key levels.

Author Mitrade

9 hours ago

BTC trades near $89,900 after holding $87,787 support and eyeing the $91,942 50-day EMA, while ETH (~$2,964) remains capped below $3,017 and XRP (~$1.91) keeps downside risk toward $1.77 after failing to reclaim key levels.

Popular Symbols