Emily Walker
In 2024, Bitcoin’s value has surged dramatically, more than doubling since January and nearing the crucial $100,000 threshold. Notably, Tony “The Bull” Severino, a well-known crypto analyst on the social platform X, has projected that Bitcoin may reach its peak soon, potentially within the next couple of months.
Analyst Predicts Bitcoin Peak Through Cycles
This year’s rise in Bitcoin’s price can be linked to multiple factors, including the election of Donald Trump, who has been supportive of cryptocurrencies and introduced favorable policies. Moreover, the approval of US Spot Bitcoin exchange-traded funds (ETFs) early this year has led to a surge in institutional investments, which has boosted Bitcoin’s popularity.
As Trump’s presidential inauguration is set for January 20, 2025, Severino posits that this occasion could signify a halt in Bitcoin’s upward trend. His forecasts are primarily grounded in technical analyses of Bitcoin’s price movements.
According to Severino’s observations shared on platform X, he identifies a pattern in Bitcoin’s pricing that aligns with the Elliott Wave Theory—a method used to analyze price patterns. He notes that the highs of waves 1 and 3, alongside the lows of waves 2 and 4, have closely followed certain time cycles since late 2023, leading him to predict a peak around Trump’s inauguration.
“Buy the election. Sell the inauguration,” Tony noted.
Future Projections for Bitcoin Pricing
This week, Bitcoin’s price began on a downward trend, pulling back after nearly reaching $100,000 over the preceding weekend. Currently, the price has dipped to approximately $92,600 due to profit-taking by traders and a noticeable outflow from Spot Bitcoin ETFs in the last day. However, the long-term outlook for Bitcoin remains optimistic, with the crypto Fear and Greed Index indicating strong investor enthusiasm.
Severino also highlighted in a separate analysis that Bitcoin is presently in the most powerful Wave 5 of its bull market, with forecasts projecting price targets of $133,000 or even $140,000. His latest insights back a potential Bitcoin price peak of around $145,000.