A striking price target has been given for Bitcoin, which reached an all-time high with the US presidential election.
Bitcoin supporter Donald Trump’s victory in the US elections pushed BTC to a new record high. Analysts predicted that the rise in BTC would continue after the elections are concluded. Many analysts think that the BTC price could reach $100 thousand.
Crypto analyst Tony Severino recently prepared a striking analysis for BTC. Severino argued that BTC is in an uptrend similar to the gold rally.
Bitcoin is preparing for a big rally
Addressing his followers on X, Tony Severino touched upon the correlation between Bitcoin and gold. According to the analyst, the correlation in question stems from cyclical price movements.
Evaluating Severino’s analysis, AMBCrypto used the following statements;
“ While both assets show recurring “top,” “bottom,” and “breakout” patterns, BTC has apparently been tracking gold for several years.“
If the analyst’s scenario comes true, a rally similar to gold’s rally in March 2023 may also be seen in BTC.
Severino stated that BTC needs to test support points further for the cycle to continue. The analyst warned that BTC could retreat to $64,500 before the uptrend.
Arguing that the general outlook is positive despite the ups and downs, Severino noted the following;
“If the cycle happens, we could see BTC reach $100k in the first quarter of 2025.”
VanEck Digital Assets Research Head Matthew Sigel also stated that he expects an increase for Bitcoin. Sigel claimed that if a cycle similar to the 2020 US elections occurs, BTC will reach $188,000.
Crypto analyst Ben Armstrong, known as BitBoy, crypto analyst Ali Martinez and MN Consultancy founder Michael van de Poppe made special statements to Coinkolik. Famous analysts argued that BTC will continue its rise after the elections.
