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Bitcoin price is on track to reach $100,000, with multiple projections saying this could happen. then do that this weekend. Notably, the Bitcoin price reached an intraday high of $99,486 in the last 24 hours, putting it just 0.5% away from the $100,000 mark.
Like the entire industry keeps waiting Following the Bitcoin price drop above $100,000, crypto analyst Tony “The Bull” Severino has highlighted an interesting take on what we can expect here.
Bitcoin price reflects 2017 pattern
Crypto analyst Tony Severino drew parallels from Bitcoin’s recent price movements to the surge in 2017. Bitcoin price broke before the $10,000 round mark for the first time in the last week of November 2017. Now, seven years later, the price is showing similar price movements and seems to break above the next round barrier of $100,000.
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Bitcoin’s break above the $10,000 level was a pivotal moment in its price history as it marked a break above an important psychological threshold. Severino pointed out that after reaching this psychological milestone, the Bitcoin price almost doubled in value within two weeks.
Severino used the outcome of this move to draw parallels with the current performance of the Bitcoin price. This time, however, the stakes are higher as Bitcoin is poised to break above the $100,000 mark. Above all, this is a number that has even greater psychological significance in Bitcoin price prospects than the $10,000 mark.
Could surpassing $100,000 create even more excitement?
Severino’s analysis revolves around the idea that breaking $100,000 could trigger another sharp rise in Bitcoin’s price, much like what happened after it breached $10,000 in 2017. He noted that the Bitcoin price could rise up to 100% from the current price, but the pace of the rally could happen extremely quickly.
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This rapid rise could mark the final leg of this bull run, which will create a spike followed by a significant correction, just as the 2017 bull cycle played out. “The top is near,” Severino warned. However, he doesn’t believe Bitcoin’s peak will happen in just two weeks; he suggested it could take about two months.
It is important to note that the Bitcoin ecosystem has changed tremendously since it first broke above $10,000 in 2017. At the time, the rally was largely driven by retail investors and Bitcoin whales who got in relatively early. The current landscape includes a growing institutional interest in Bitcoinspecial via Spot Bitcoin ETFs. This institutional interest has been key to the steady growth of the Bitcoin price throughout the year, and current market dynamics indicate such continued growth.
At the time of writing, Bitcoin is trading at $99,032, up 2% in the last 24 hours.
Featured image created with Dall.E, chart from Tradingview.com
