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Crypto analyst Tony Severino has drawn a similarity between the present Bitcoin worth motion and that of the 2017 bull run. Based mostly on these similarities, the analyst raised the potential for the flagship crypto witnessing an 80% surge from its present stage.
Bitcoin Worth Eyes 80% Surge If Historical past Repeats Itself
In an X put up, Tony Severino prompt that the Bitcoin worth might 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 depend, which indicated that Bitcoin might replicate the value motion from the 2017 bull run.
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The analyst’s accompanying chart confirmed that the Bitcoin worth might attain $190,000 on the fifth wave, with this worth goal marking the height for the flagship crypto on this cycle. This rally to $190,000 could be just like how Bitcoin rose from $7,550 within the 2017 bull run to its market peak of $19,000.
As to how this Bitcoin worth rally to $190,000 will occur, the chart confirmed that Bitcoin might first retrace to round $104,000, then rally to round $123,000, adopted by one other worth correction to $96,000. As soon as this worth correction is completed, Bitcoin will start a brand new Elliott Wave depend, which might finally ship its worth to $190,000 on the Wave 5 impulsive transfer.
Within the meantime, the Bitcoin worth is finishing the Wave depend, which started round late October, simply earlier than Donald Trump received 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 May Attain $125,000 Earlier than The Yr Ends
Crypto analyst Justin Bennett predicted that the Bitcoin worth might 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 by means of the top 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 step with this, Bennett stated he received’t be stunned if the Bitcoin worth hits $116,000 or even $125,000 by the top of December.
Crypto analyst Titan of Crypto acknowledged that the Bitcoin worth continues to ascend to the moon. The analyst predicted that the flagship crypto might rise to as excessive as $158,000, though his accompanying chart prompt that will occur subsequent yr.
On the time of writing, the Bitcoin worth is buying and selling at round $106,559, up within the final 24 hours, in line with knowledge from CoinMarketCap.
Featured picture created with Dall.E, chart from Tradingview.com
