Bitcoin Price Mirrors 2017 Pattern, Is The Top Only 2 Weeks Away After Hitting $100,000?
Bitcoin price is about to cross the $100,000 mark, and multiple predictions say it is possible Do this before this weekend. Notably, Bitcoin price reached an intraday high of $99,486 in the past 24 hours, only about 0.5% higher from $100,000.
as an entire industry Keep waiting As Bitcoin prices top $100,000, cryptocurrency analyst Tony “The Bull” Severino highlights an interesting outlook.
Bitcoin Price Reflects 2017 Pattern
Cryptocurrency Analyst Tony Severino compare Bitcoin’s recent price action leads into 2017’s surge. In the last week of November 2017, Bitcoin price exceeded the round-figure mark of $10,000 for the first time. Seven years later, Bitcoin is showing similar price action as it looks poised to break the next $100,000 round mark.
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Bitcoin’s breakout above the $10,000 level was a key moment in its price history as it marked the breakthrough of a key psychological threshold. Severino noted that Bitcoin prices nearly doubled in two weeks after reaching this psychological milestone.
Severino used the results of this move to compare with the current performance of Bitcoin’s price. However, the stakes are higher this time and Bitcoin is now on the verge of breaking the $100,000 mark. In particular, this number holds greater psychological significance for Bitcoin price prospects than the $10,000 mark.
Will a break above $100,000 spark another wave of excitement?
The central idea of Severino’s analysis is that a break above $100,000 could lead to another significant increase in the price of Bitcoin, just like what happened after breaking through $10,000 in 2017. He noted that Bitcoin prices could rise as much as 100% from current prices, but the rate of increase could accelerate. The rebound can be very rapid.
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This rapid rise could mark the final phase of this bull market, which will peak and be followed by a sharp correction, much like the 2017 bull cycle did. “The peak is near,” Severino warned. However, he does not believe that Bitcoin’s peak is imminent and will be reached in two weeks. He suggested it could be closer to about two months.
It’s worth noting that the Bitcoin ecosystem has changed dramatically since it first topped $10,000 in 2017. The rally at that time was mainly driven by retail investors and Bitcoin whales who entered the market relatively early. The current landscape includes Institutional interest in Bitcoin growsespecially Via Spot Bitcoin ETF. This institutional interest has been key to Bitcoin’s steady price growth this year, and current market dynamics point to this continued growth.
At the time of writing, Bitcoin is trading at $99,032, up 2% in the past 24 hours.
Featured image created using Dall.E, chart from Tradingview.com
