Trump's Victory Sparks Bitcoin Frenzy, $120,000 Price Target Looms?

Trump's Victory Sparks Bitcoin Frenzy, $120,000 Price Target Looms?On Sunday, the cryptocurrency market continued its upward trend, with Bitcoin breaking through the $80,000 mark for the first time, setting a new all-time high. On Monday morning, Bitcoin prices continued to climb, briefly exceeding $81,000 during the session

Trump's Victory Sparks Bitcoin Frenzy, $120,000 Price Target Looms?

On Sunday, the cryptocurrency market continued its upward trend, with Bitcoin breaking through the $80,000 mark for the first time, setting a new all-time high. On Monday morning, Bitcoin prices continued to climb, briefly exceeding $81,000 during the session. Trumps victory in the U.S. presidential election last week has been cited as a key factor driving Bitcoin's surge.

Trump has consistently maintained a friendly stance towards the cryptocurrency sector during his campaign, and his victory has reignited Wall Street bulls' expectations for a "golden age of cryptocurrencies." Despite Bitcoin already exceeding $80,000, Wall Street bulls believe this is just the beginning of Bitcoin's upward trajectory. They have begun predicting future price movements, with some citing a "120,000 dollar" target, or even higher.

Pat Tschosik, a strategist at NedDavisResearch, believes that the cryptocurrency market is exploding due to optimism surrounding Trump's win. He upgraded Bitcoin to a "buy only" trade, predicting that it will break through $120,000 by next spring. Tschosik provides technical justification:

• The previous Bitcoin rally began at $25,000 in June last year, peaking at $74,000 in mid-March this year.

• Bitcoin then underwent roughly 7 months of consolidation until recently breaking through previous resistance levels driven by the significant news of Trump's victory, entering a new upward trend.

• Using past year Bitcoin trends as a reference, previous resistance levels can be viewed as support, while potential rise could be similar to the previous trend, about $48,000.

• Therefore, this rally could propel Bitcoin prices above $120,000.

Besides NedDavisResearch, other Wall Street institutions are also bullish on Bitcoin.

• Bernstein analysts Gautam Chhugani and others believe that Trump's victory will have a short-term impact on sentiment in the crypto market, predicting that Bitcoin will rise to $80,000 to $90,000 in the next two months, breaking the previous all-time high of nearly $73,800 set in March this year.

• Geoff Kendrick, an analyst at Standard Chartered Bank, predicted back in October that Bitcoin would reach $125,000 by year-end if Trump won.

• Jan VanEck, CEO of leading asset management firm VanEck, is even more bold, predicting that Bitcoin will reach $300,000. He calls this target a "reasonable basic assumption," even suggesting that this estimate is conservative, with some extremists potentially expecting Bitcoin to climb even higher.

Trump's victory has provided a powerful upward momentum for Bitcoin, and Wall Street bulls are optimistic about the future trajectory. However, market volatility persists, and investors should exercise caution and practice risk management when investing in cryptocurrencies.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investing involves risk, and it is essential to proceed with caution.