The Bitcoin price is well on its way to reaching the $100,000 price mark, with multiple forecasts suggesting it could hit that mark by the end of this week. Notably, the Bitcoin price reached an intraday high of $99,486 in the past 24 hours, only about 0.5% away from reaching $100,000.
As the industry continues to wait for Bitcoin’s price to break $100,000, cryptocurrency analyst Tony “The Bull” Severino highlighted an interesting outlook on what to expect going forward.
Bitcoin price mirrors 2017 pattern
Tony Severino, a cryptocurrency analyst, has compared Bitcoin’s recent price action to its surge in 2017. Bitcoin price first breached around $10,000 in the last week of November 2017. Now, seven years later, it is showing similar price action as it looks to break through the next leg of the $100,000 figure.
Bitcoin breaking the $10,000 level was a key moment in its price history, as it marked a breakthrough of a crucial psychological threshold. Severino noted that after reaching this psychological milestone, Bitcoin's price nearly doubled within two weeks.
Severino compares the results of this initiative with the current performance of Bitcoin prices. However, the stakes are higher this time, as Bitcoin is now about to break the $100,000 mark. Notably, in the context of Bitcoin's price outlook, this is a more psychologically significant number than the $10,000 mark.
Will breaking $100,000 trigger another excitement?
Severino's analysis revolves around the idea that breaking $100,000 could lead to another significant surge in Bitcoin prices, similar to what happened after Bitcoin prices broke $10,000 in 2017. He points out that Bitcoin prices could rise by as much as 100% from the current price, but the rebound may happen very quickly.
This rapid increase could mark the final stop of the current bull market, forming a peak followed by a significant correction, similar to the bull market cycle of 2017. 'The peak is near,' Severino warned. However, he does not believe that Bitcoin's peak will only last for two weeks; he indicated it could last around two months.
It is worth noting that since Bitcoin first broke the $10,000 mark in 2017, the Bitcoin ecosystem has undergone tremendous changes. At that time, the rebound was mainly driven by retail investors and relatively early Bitcoin whales. The current situation includes increasing institutional interest in Bitcoin, especially through spot Bitcoin ETFs. This institutional interest has been key to the steady growth of Bitcoin prices this year, and the current market dynamics indicate this continued growth.
At the time of writing, the trading price of Bitcoin is $99,032, having risen 2% in the last 24 hours.
