Calling The Bitcoin Top: Analyst Reveals What Could Stop The BTC Rally In Its Tracks
The post Calling The Bitcoin Top: Analyst Reveals What Could Stop The BTC Rally In Its Tracks appeared on BitcoinEthereumNews.com.
Bitcoin has experienced a significant rally in 2024, and its price has more than doubled since the beginning of the year to approach the psychological $100,000 mark. Interestingly, Tony “The Bull” Severino, a popular crypto analyst on the social media platform X, suggested when to expect the peak of the BTC price this bull run, with price movements pointing to a Bitcoin top in the next two months. Analyst Calls Bitcoin Top With Cyclical Patterns The BTC price surge throughout this year can be attributed to several factors, including the election of President Donald Trump, who has expressed support for cryptocurrencies and proposed policies favorable to the industry. Additionally, the approval of US-based Spot Bitcoin exchange-traded funds (ETFs) very early in the year has facilitated increased institutional investment, further driving the demand for BTC. Speaking of Donald Trump, the inauguration as new president of the United States is slated to take place on January 20, 2025. Notably, analyst Tony Severino suggests this period inauguration might actually be the one to stop the BTC rally in its tracks. However, his projection is based on a technical analysis of the Bitcoin price movements. Severino’s analysis, which was shared on the social media platform X, highlights a pattern in the BTC price movements that has aligned with the Elliott Wave Theory, which is a popular technical analysis framework that identifies recurring price wave patterns. He observes that the peaks of waves 1 and 3, as well as the troughs of waves 2 and 4 in the current BTC price cycle, have corresponded closely with specific time cycles since late 2023. This cyclical behavior leads him to propose that the Bitcoin price may reach a significant peak around the time of the Donald Trump inauguration. “Buy the election. Sell the inauguration,” Tony remarked. Source:…
Filed under: News - @ November 28, 2024 12:28 am