Could Bitcoin be about to skyrocket? One analyst thinks so.
Following the 2017 Bull Run
Analyst Tony Severino sees striking similarities between Bitcoin’s current price action and its 2017 bull run. He believes this could lead to a massive 80% price increase! His analysis, based on Elliott Wave theory, suggests Bitcoin could hit a whopping $190,000.
This isn’t a straight shot to the top, though. Severino’s chart predicts a somewhat bumpy ride:
- Initial retracement: A dip to around $104,000.
- Short-lived rally: A bounce back to approximately $123,000.
- Another correction:
A further dip to around $96,000. - The final push: A strong rally to the predicted peak of $190,000, completing the fifth wave of the Elliott Wave count.
This final surge would mirror Bitcoin’s 2017 performance, where it went from roughly $7,550 to $19,000.
Other Analysts Weigh In
Severino isn’t the only one bullish on Bitcoin. Other analysts are also predicting significant price increases:
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Justin Bennett: Predicts Bitcoin could hit $125,000 before the end of the year, fueled by strong momentum and speculation about it becoming a US reserve asset under a Trump administration. He thinks any pullbacks will be minor.
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Titan of Crypto: Foresees Bitcoin reaching $158,000, though this prediction is for sometime next year.
Current Market Conditions
At the time of writing, Bitcoin is trading around $106,559, showing positive movement over the last 24 hours. The overall market sentiment seems to be quite optimistic.
