Bitcoin Price Approaches $100,000 with 2% Daily Increase
The Bitcoin price is approaching the $100,000 mark, recently hitting an intraday high of $99,486, just 0.5% away from this milestone. Projections suggest it could reach $100,000 soon.
Bitcoin Price Mirrors 2017 Pattern
Crypto analyst Tony Severino has compared current Bitcoin price movements to its surge in 2017 when it broke the $10,000 level in late November. This breakthrough marked a significant psychological threshold, leading to nearly doubling in value within two weeks. Currently, Bitcoin is on the verge of surpassing the $100,000 mark, which holds greater psychological significance than $10,000.
Could Breaching $100,000 Cause Another Excitement?
Severino suggests that breaching $100,000 could trigger another sharp increase in Bitcoin's price, potentially resulting in gains of up to 100%. He indicates that this rapid ascent may signal the final leg of the current bull run, followed by a significant correction, similar to the 2017 cycle. However, he estimates that Bitcoin’s peak may be around two months away.
The Bitcoin ecosystem has evolved significantly since 2017, with increasing institutional interest playing a crucial role in price stability and growth, particularly through Spot Bitcoin ETFs. As of now, Bitcoin is trading at $99,032, reflecting a 2% increase in the past 24 hours.
