tradingkey.logo

Calling The Bitcoin Top: Analyst Reveals What Could Stop The BTC Rally In Its Tracks

BitcoinistNov 28, 2024 12:40 AM

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.

Bitcoin price top

What To Expect From The BTC Price

The Bitcoin price action started this week on a bearish note after almost touching the $100,000 price mark over the weekend. Particularly, the BTC price has declined to around $92,600 at the time of writing, partly due to profit-taking by investors and a net outflow in the Spot Bitcoin ETFs in the past 24 hours. Despite this correction, the long-term outlook for the Bitcoin price remains positive. The crypto Fear and Greed Index is still pointing to extreme greed among crypto investors.

Tony Severino noted in another analysis that the Bitcoin price is currently in the strongest Wave 5 of its bull run, with projections suggesting price increases to $133,000 or even $140,000. His latest technical analysis of the BTC price top supports this price range, with the analyst pointing to a Bitcoin price top of around $145,000.

Bitcoin price chart from Tradingview.com

Reviewed byTony
Disclaimer: The information provided on this website is for educational and informational purposes only and should not be considered financial or investment advice.

Related Articles

tradingkey.logo
tradingkey.logo
Intraday Data provided by Refinitiv and subject to terms of use. Historical and current end-of-day data provided by Refinitiv. All quotes are in local exchange time. Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only. Intraday data delayed at least 15 minutes or per exchange requirements.
* References, analysis, and trading strategies are provided by the third-party provider, Trading Central, and the point of view is based on the independent assessment and judgement of the analyst, without considering the investment objectives and financial situation of the investors.
Risk Warning: Our Website and Mobile App provides only general information on certain investment products. Finsights does not provide, and the provision of such information must not be construed as Finsights providing, financial advice or recommendation for any investment product.
Investment products are subject to significant investment risks, including the possible loss of the principal amount invested and may not be suitable for everyone. Past performance of investment products is not indicative of their future performance.
Finsights may allow third party advertisers or affiliates to place or deliver advertisements on our Website or Mobile App or any part thereof and may be compensated by them based on your interaction with the advertisements.
© Copyright: FINSIGHTS MEDIA PTE. LTD. All Rights Reserved.