Bitcoin Price Could Surge 80% If 2017 Patterns Repeat
Crypto analyst Tony Severino has identified parallels between the current Bitcoin price movements and those observed during the 2017 bull run. He suggests that Bitcoin could see an 80% increase from its present level.
Bitcoin Price Eyes 80% Surge If History Repeats Itself
In a recent X post, Severino indicated that Bitcoin might rise to $190,000 if historical patterns hold true. This speculation is based on a comparison of the 2024 and 2017 Bitcoin Elliott Wave counts, which suggest a potential replication of the earlier price trends.
The analysis includes a chart predicting that Bitcoin could reach $190,000 during its fifth wave, marking a peak for this cycle. This trajectory would mirror Bitcoin's climb from $7,550 in 2017 to a peak of $19,000. The anticipated path includes a retracement to approximately $104,000, followed by rallies to around $123,000 and corrections to $96,000 before initiating a new Elliott Wave count leading to the $190,000 target.
Currently, Bitcoin is completing its Wave count, initiated around late October, coinciding with Donald Trump's US presidential election victory. The cryptocurrency has experienced bullish momentum since then, recently surpassing $107,000 amid growing expectations of the establishment of a Strategic Bitcoin Reserve under Trump's administration.
BTC Could Reach $125,000 Before The Year Ends
Analyst Justin Bennett forecasts that Bitcoin could hit $125,000 by year-end, suggesting that the asset is entering a “full Santa Claus” mode with minimal signs of slowing down. Bennett noted that significant pullbacks are unlikely, especially given speculation about Bitcoin's potential status as a US reserve asset under Trump, expressing confidence in a possible rise to $116,000 or even $125,000 by December.
Another analyst, Titan of Crypto, predicts Bitcoin could ascend to $158,000, although this projection is expected for next year.
As of now, Bitcoin trades at approximately $106,559, reflecting an increase over the last 24 hours, according to data from CoinMarketCap.
