Bitcoin Weekly Price Outlook – Bitcoin Rallies After US Election

Bitcoin Technical Analysis

Bitcoin has broken higher during the course of the week, slicing through the crucial $74,000 level to make a fresh new high. At this point, it looks like Bitcoin is ready to continue rallying from here, perhaps trying to get to the $80,000 level initially, but we probably go even further than that based upon technical analysis. After all, we have just seen a roughly $25,000 consolidation range. So, one would assume that extrapolates out to $99,000 based on the measured move. Whether or not that plays out, who knows, but I would say that the Bitcoin ETF is Wall Street’s shiny new object, and of course, that brings in a certain amount of support in and of itself.

Furthermore, it looks like the Republican Congress and Trump will probably be a little bit more friendly to crypto than what we’ve seen in the past, so I think there is a lot of optimism out there. Let us not forget that central banks around the world continue to print fiat currency, and that of course is the main driver of Bitcoin, and it’s probably thought that a Trump administration will favor lower interest rates. So that might be part of what’s going on here as well because we certainly saw a shot higher after the US election results started coming out. So, it seems to be good for Bitcoin at the moment, and simple momentum could be a massive driver going forward as well.

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