Bitcoin is knocking on the door of $100,000! It recently hit a high of $99,486, just a hair’s breadth away from the coveted six-figure mark. Will it break through this weekend? Let’s dive in.
History Repeating Itself?
Crypto analyst Tony “The Bull” Severino sees some interesting parallels between Bitcoin’s current price action and its 2017 surge. Back then, Bitcoin’s breakthrough past $10,000 was huge. Now, seven years later, it’s poised to do the same with $100,000.
Severino points out that after hitting $10,000 in 2017, Bitcoin nearly doubled in price within two weeks. He suggests a similar scenario could play out now, but with even higher stakes. $100,000 is a major psychological barrier, even more so than $10,000 was.
The $100,000 Breakout: A Catalyst for More Gains?
Severino believes breaking $100,000 could trigger another massive price jump, potentially a 100% increase from current levels. However, he warns this rapid rise might be the final leg of the current bull run, leading to a peak and a subsequent correction – mirroring the 2017 cycle.
While he uses the two-week timeframe from the 2017 example, Severino tempers expectations, suggesting the peak might be closer to two months away rather than just two weeks. He cautions, “The top is near.”
A Different Landscape
It’s important to remember that the Bitcoin landscape has changed dramatically since 2017. Back then, retail investors and early adopters were the main drivers. Today, institutional investors are heavily involved, particularly with the rise of Spot Bitcoin ETFs. This institutional interest has been a major factor in Bitcoin’s steady growth this year, and it’s expected to continue.
As of this writing, Bitcoin is trading around $99,032, up 2% in the last 24 hours. The suspense is palpable!
