Bitcoin’s price has exploded in 2024, more than doubling since the start of the year and nearing the coveted $100,000 mark. But will this rally continue forever? One analyst thinks he knows when the party might end.
A Bull’s Prediction
Crypto analyst Tony “The Bull” Severino believes Bitcoin’s price peak is just around the corner – possibly within the next two months. He’s basing this prediction on technical analysis, specifically the Elliott Wave Theory.
Why the Hype?
Several factors have fueled Bitcoin’s incredible rise:
- Trump’s Crypto Support: President Trump’s pro-crypto stance and proposed policies have boosted investor confidence.
- ETF Approval: The early approval of US Spot Bitcoin ETFs has opened the floodgates for institutional investment.
The Inauguration Factor
Severino’s prediction is tied to a significant event: President Trump’s inauguration on January 20, 2025. He suggests this date could mark the end of Bitcoin’s current rally. His analysis shows a correlation between Bitcoin’s price waves and specific time cycles since late 2023, leading him to believe the price will peak around the inauguration. His advice? “Buy the election. Sell the inauguration.”
A Temporary Dip?
Bitcoin’s price has recently dipped from near $100,000 to around $92,600, partly due to investors taking profits and some outflow from Bitcoin ETFs. However, the overall market sentiment remains bullish, with the Fear and Greed Index showing extreme greed.
The Final Peak?
Severino’s analysis suggests Bitcoin could still reach significantly higher prices, potentially hitting $133,000 or even $140,000 before the peak. His latest prediction puts the final top around $145,000. But with the inauguration looming, the question remains: will this be the end of Bitcoin’s spectacular run?
