Bitcoin Price Moves Similarly To The Elliot Wave Count From 2017, Why Price Can Jump Another 80%
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Crypto analyst Tony Severino has drawn a similarity between the present Bitcoin value motion and that of the 2017 bull run. Primarily based on these similarities, the analyst raised the opportunity of the flagship crypto witnessing an 80% surge from its present stage.
Bitcoin Worth Eyes 80% Surge If Historical past Repeats Itself
In an X post, Tony Severino steered that the Bitcoin value may rally to $190,000 if historical past repeats itself. This got here because the analyst drew a comparability between the 2024 and 2017 Bitcoin Elliott Wave rely, which indicated that Bitcoin may replicate the value motion from the 2017 bull run.
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The analyst’s accompanying chart confirmed that the Bitcoin value could reach $190,000 on the fifth wave, with this value goal marking the height for the flagship crypto on this cycle. This rally to $190,000 could be just like how Bitcoin rose from $7,550 within the 2017 bull run to its market peak of $19,000.
As to how this Bitcoin value rally to $190,000 will occur, the chart confirmed that Bitcoin may first retrace to round $104,000, then rally to round $123,000, adopted by one other price correction to $96,000. As soon as this value correction is completed, Bitcoin will start a brand new Elliott Wave rely, which may ultimately ship its value to $190,000 on the Wave 5 impulsive transfer.
Within the meantime, the Bitcoin value is finishing the Wave rely, which started round late October, simply earlier than Donald Trump received the US presidential elections. Since then, Bitcoin has loved bullish momentum and continued to succeed in new highs. The flagship crypto not too long ago surged previous $107,000 as optimism grows that Donald Trump’s administration will create the Strategic Bitcoin Reserve.
BTC Might Attain $125,000 Earlier than The 12 months Ends
Crypto analyst Justin Bennett predicted that the Bitcoin value may attain $125,000 earlier than the 12 months ends. This got here because the analyst said that Bitcoin goes “full Santa Claus” mode and isn’t displaying indicators of slowing down. Bennett remarked that pullbacks is likely to be arduous to come back by by means of the tip of the 12 months.
The crypto analyst added that any potential pullback is unlikely, particularly given the hypothesis that Bitcoin will change into a US reserve asset underneath Donald Trump. In step with this, Bennett mentioned he received’t be shocked if the Bitcoin value hits $116,000 or even $125,000 by the tip of December.
Crypto analyst Titan of Crypto said that the Bitcoin value continues to ascend to the moon. The analyst predicted that the flagship crypto may rise to as excessive as $158,000, though his accompanying chart steered that will occur subsequent 12 months.
On the time of writing, the Bitcoin value is buying and selling at round $106,559, up within the final 24 hours, in line with data from CoinMarketCap.
Featured picture created with Dall.E, chart from Tradingview.com
