Bitcoin’s price could reach $100,000 in the near future, according to multiple predictions. do so by this weekend. In the last 24 hours the Bitcoin price has reached a high intraday of $94,486. This is only about 0.5% away from $100,000.
This is the whole industry continues to await Bitcoin Price Breaks Above $100,000 Crypto Analyst Tony “The Bull” Severino offers an intriguing outlook of what is to come.
Bitcoin Price Mirrors Pattern 2017
Crypto analyst Tony Severino drew parallels Bitcoin’s price fluctuations in recent months are reminiscent of its 2016 surge. Bitcoin’s price broke through the $10,000 round-number mark in the final week of November 2017 Seven years on, the Bitcoin price is still exhibiting the same movements and it’s looking to surpass $100,000.
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Bitcoin’s breaking above $10,000 marked an important milestone in its history. It was the first time that Bitcoin had surpassed a crucial psychological threshold. Severino noted that the Bitcoin value nearly doubled within two weeks after it reached this psychological landmark.
Severino compared this outcome with the recent performance of Bitcoin. Bitcoin, which is about to surpass the $100,000 barrier, has raised the stakes. It is important to note that this figure has a greater psychological impact on the Bitcoin value than even the $10,000.
What if you exceeded $100,000?
The analysis of Severino centers on the notion that Bitcoin’s price could rise sharply again if it breaks $100,000, just as it did when Bitcoin crossed $10,000 last year. He stated that Bitcoin could rise up to 1000% from its current value, but at a very rapid pace.
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The rapid rise could be the last leg of the bull run, which will culminate in a high followed by a sharp correction. This is similar to how the bull cycle from 2017 played out. “The top is near,” Severino cautioned. But he does not believe that Bitcoin’s peak will be within two weeks; instead, it could take as little as two months.
The Bitcoin ecosystem is changing dramatically since the first time it broke through $10,000 in 2017. Retail investors and Bitcoin Whales were the main drivers of that rally. Current landscape includes: growing institutional interest in BitcoinParticularly through Spot Bitcoin ETFs. The institutional investors have been key in the growth of Bitcoin prices throughout the year. Current market dynamics indicate that this growth will continue.
Bitcoin’s price is $99 032, which represents a 2% increase in the last 24 hour.
Featured image was created using Dall.E chart, from Tradingview.com
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Source: www.newsbtc.com
