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Crypto analyst Tony Severino has drawn a similarity between the current Bitcoin price action and that of the 2017 bull run. Based on these similarities, the analyst has raised the possibility that the flagship crypto will witness an 80% increase from current levels .
Bitcoin price sees an 80% surge as history repeats itself
In one X messageTony Severino suggested that the Bitcoin price could rise to $190,000 if history repeats itself. This came as the analyst made a comparison between the 2024 and 2017 Bitcoin Elliott Wave count, which indicated that Bitcoin was tracking the price movement of the Bull run 2017.
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The analyst’s accompanying chart showed that the Bitcoin price could reach $190,000 on the fifth wave, with this price target marking the peak for the flagship crypto in this cycle. This rally to $190,000 would be similar to how Bitcoin rose from $7,550 in the 2017 bull run to its market peak of $19,000.
As for how this Bitcoin price rally to $190,000 will happen, the chart showed that Bitcoin could first return to around $104,000, and then rise to around $123,000, followed by another price correction to $96,000. Once this price correction is complete, Bitcoin will begin a new Elliott Wave count, which could ultimately send the price to $190,000 via the impulsive Wave 5 move.
Meanwhile, Bitcoin price completes the Wave count, which started in late October, just before Donald Trump won the US presidential election. Since then, Bitcoin has seen bullish momentum and continued to reach new highs. The flagship crypto recently rose above $107,000 as optimism grows that Donald Trump’s administration will Strategic Bitcoin Reserve.
BTC could reach $125,000 before the end of the year
Crypto analyst Justin Bennett predicted that the Bitcoin price could reach $125,000 before the end of the year. This came as the analyst stated that Bitcoin is going into “full Santa” mode and shows no signs of slowing down. Bennett noted that it could be difficult to achieve a decline through the end of the year.
The crypto analyst added that any possible pullback is unlikely, especially given speculation that Bitcoin will become a US reserve asset under Donald Trump. In line with this, Bennett said he wouldn’t be surprised if the Bitcoin price reached $116,000. even $125,000 by the end of December.
Crypto analyst Titan of Crypto stated that the Bitcoin price continues to rise to the moon. The analyst predicted that the flagship crypto could rise to $158,000, although his accompanying chart suggested this would happen next year.
At the time of writing, the Bitcoin price is trading around $106,559, up in the past 24 hours, according to facts from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
