Crypto analyst Tony Severino has drawn a similarity between the present Bitcoin value motion and that of the 2017 bull run. Based on these similarities, the analyst raised the potential for the flagship crypto witnessing an 80% surge from its present degree.
Bitcoin Price Eyes 80% Surge If History Repeats Itself
In an X post, Tony Severino urged that the Bitcoin value may rally to $190,000 if historical past repeats itself. This got here because the analyst drew a comparability between the 2024 and 2017 Bitcoin Elliott Wave rely, which indicated that Bitcoin may replicate the value motion from the 2017 bull run.
Related Reading
The analyst’s accompanying chart confirmed that the Bitcoin value could reach $190,000 on the fifth wave, with this value goal marking the height for the flagship crypto on this cycle. This rally to $190,000 could be much like how Bitcoin rose from $7,550 within the 2017 bull run to its market peak of $19,000.
As to how this Bitcoin value rally to $190,000 will occur, the chart confirmed that Bitcoin may first retrace to round $104,000, then rally to round $123,000, adopted by one other price correction to $96,000. Once this value correction is finished, Bitcoin will start a brand new Elliott Wave rely, which may finally ship its value to $190,000 on the Wave 5 impulsive transfer.
In the meantime, the Bitcoin value is finishing the Wave rely, which started round late October, simply earlier than Donald Trump gained the US presidential elections. Since then, Bitcoin has loved bullish momentum and continued to succeed in new highs. The flagship crypto not too long ago surged previous $107,000 as optimism grows that Donald Trump’s administration will create the Strategic Bitcoin Reserve.
BTC Could Reach $125,000 Before The Year Ends
Crypto analyst Justin Bennett predicted that the Bitcoin value may attain $125,000 earlier than the yr ends. This got here because the analyst acknowledged that Bitcoin goes “full Santa Claus” mode and isn’t exhibiting indicators of slowing down. Bennett remarked that pullbacks could be exhausting to come back by via the tip of the yr.
The crypto analyst added that any potential pullback is unlikely, particularly given the hypothesis that Bitcoin will develop into a US reserve asset below Donald Trump. In line with this, Bennett mentioned he gained’t be shocked if the Bitcoin value hits $116,000 or even $125,000 by the tip of December.
Crypto analyst Titan of Crypto acknowledged that the Bitcoin value continues to ascend to the moon. The analyst predicted that the flagship crypto may rise to as excessive as $158,000, though his accompanying chart urged that might occur subsequent yr.
At the time of writing, the Bitcoin value is buying and selling at round $106,559, up within the final 24 hours, in accordance with data from CoinMarketCap.
Featured picture created with Dall.E, chart from Tradingview.com
