Bitcoin price has reached a recent high highest level ever (ATH) when it crossed $73,700 and rose as high as $75,000 on November 6. Following this development, cryptocurrency analyst Tony Severino revealed what to expect next from the flagship crypto.

Bitcoin price ready for “fireworks” after the recent ATH

In post X, Tony Severino indicated that Bitcoin’s price is poised for a parabolic rise, telling market participants to expect fireworks above $75,000. The cryptocurrency analyst also revealed that Bitcoin is approaching the 2-week upper Bollinger Bands, while according to BBWidth, these bands are at their narrowest ever.

The attached chart, shared by a cryptocurrency analyst, showed that Bitcoin’s price could surge as high as $140,000, with the flagship cryptocurrency reaching a potential market peak in 2025. Tony Severino previously mentioned that Bitcoin is approaching the strongest part of the market. running of the bull and explained how, based on historical trends, BTC could rise as high as $133,000.

Indeed, Bitcoin’s price appears to be entering the strongest part of its bull run after rising to a recent record high. This recent price boost towards the recent ATH is due to Donald Trump being elected as the next US President. This provides a bullish outlook for Bitcoin and the broader cryptocurrency market as the US president-elect has publicly declared his support for Bitcoin and other cryptocurrencies.

In addition to the fact that Trump is heading for victory, it is worth mentioning that the price of Bitcoin has never been below the level it was at in history. US presidential elections days. Therefore, this is likely the lowest range that the flagship cryptocurrency can trade at before it registers another parabolic part of this bull market.

A Fed rate cut is also imminent

In addition to Donald Trump’s victory, there are other catalysts in the pipeline that will usher in the next phase of history Bitcoin bull run. One of them is a possible Fed interest rate cut, which is expected to take place on November 7, which is confident for the price of Bitcoin. The US Federal Reserve begins its FOMC meeting today and will decide to cut interest rates tomorrow.

CME Fedwatch data shows a 97.6% chance that the Fed will cut interest rates by 25 basis points (bps). This provides a bullish outlook for Bitcoin’s price as more capital flows into its ecosystem. Institutional investors are also on the sidelines as they are likely to put more money into the market Spot Bitcoin ETF after the US elections and the Fed’s interest rate cuts.

At the time of writing, Bitcoin is trading at around $74,500, up over 9% in the last 24 hours, according to data from CoinMarketCap.

Featured image created with Dall.E, chart from Tradingview.com