Bitcoin Price Moves Similarly To The Elliot Wave Count From 2017, Why Price Can Jump Another 80%
cryptocurrency analyst Tony Severino The current Bitcoin price trend has similarities to the 2017 bull run. Based on these similarities, analysts have raised the possibility of the flagship cryptocurrency surging 80% from current levels.
If history repeats itself, Bitcoin price could soar 80%
in a X postsTony Severino says that if history repeats itself, Bitcoin prices could rise to $190,000. Analysts have compared the 2024 and 2017 Bitcoin Elliott Wave counts, which suggests that Bitcoin can replicate the price action of the 2024 and 2017 Bitcoin Elliott Waves. 2017 Bull Market.
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Analyst’s chart shows Bitcoin price Likely to reach $190,000 In the fifth wave, this price target marks the peak for the flagship cryptocurrency this cycle. The rise to $190,000 is similar to Bitcoin’s rise from $7,550 during the 2017 bull run to a market peak of $19,000.
As for how Bitcoin price will rebound to $190,000, the chart shows that Bitcoin may first retrace to around $104,000, then rebound to around $123,000, and then rise back to around $123,000. Price adjusted to $96,000. Once the price correction is complete, Bitcoin will begin a new Elliott Wave count that could ultimately push its price to $190,000 in a wave 5 impulse move.
Meanwhile, Bitcoin price is completing a wave count that began around the end of October, just before Donald Trump won the U.S. presidential election. Since then, Bitcoin has maintained its bullish momentum and continued to reach new highs. The flagship cryptocurrency recently surged above $107,000 as optimism grows that Donald Trump’s administration will create a cryptocurrency Bitcoin strategic reserve.
BTC could hit $125,000 by year-end
cryptocurrency analyst Justin Bennett It is expected that Bitcoin price may reach $125,000 before the end of the year. Analysts say Bitcoin is entering “full Santa Claus” mode and shows no signs of slowing down. Bennett said a pullback may be difficult to achieve by the end of the year.
The cryptocurrency analyst added that any potential pullback is unlikely, especially given speculation that Bitcoin will become the U.S. reserve asset under Donald Trump. In line with this, Bennett said that if the price of Bitcoin reaches $116,000 or Even $125,000 to the end of December.
cryptocurrency analyst crypto titan It means that Bitcoin price continues to go to the moon. The analyst predicts that the flagship cryptocurrency could rise to $158,000, although the chart he attached suggests this will happen next year.
According to statistics, as of this writing, the price of Bitcoin has risen to around $106,559 in the past 24 hours. data From CoinMarketCap.
Featured image created using Dall.E, chart from Tradingview.com
