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Cryptocurrency analyst Tony Severino pointed out similarities between the current Bitcoin price trend and the 2017 bull market. Based on these similarities, analysts have raised the possibility of the flagship cryptocurrency witnessing an 80% surge from current levels.
If history repeats itself, Bitcoin price could rise by 80%
Tony Severino suggested in a post on X that if history repeats itself, the price of Bitcoin could rise to $190,000. This happened when analysts compared the 2024 and 2017 Bitcoin Elliott Wave numbers, indicating that Bitcoin could repeat the price action of the 2017 bull market.
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Source:X
A chart attached by the analyst showed that Bitcoin price could reach $190,000 in the fifth wave, making this target price the flagship cryptocurrency's peak in this cycle. This rise to $190,000 would be similar to Bitcoin's rise from $7,550 during the 2017 bull market to a market high of $19,000.
As for how this rise in Bitcoin price to $190,000 happens, the chart shows that Bitcoin first recovered to about $104,000, then rose to about $123,000, and then rose again to $90,000. It indicated that the price correction could continue up to $6,000. Once this price correction is complete, Bitcoin will start counting new Elliott waves and could eventually take the price to $190,000 in a wave 5 impulsive move.
Meanwhile, Bitcoin prices are completing a wave count that began in late October, just before Donald Trump won the US presidential election. Since then, Bitcoin has continued to gain bullish momentum and hit new highs. The flagship cryptocurrency recently soared above $107,000 amid growing optimism that President Donald Trump's administration will create a strategic Bitcoin reserve.
BTC could reach $125,000 by year-end
Cryptocurrency analyst Justin Bennett predicted that Bitcoin price could reach $125,000 by the end of the year. This comes after analysts said Bitcoin is going into “full Santa Claus” mode and shows no signs of slowing down. Bennett said a rebound by the end of the year could be difficult.
The crypto analyst added that a potential backlash is unlikely, especially given speculation that Bitcoin will become a US reserve asset under Donald Trump's administration. In line with this, Bennett said he would not be surprised if Bitcoin prices reach $116,000 or even $125,000 by the end of December.
Cryptocurrency analyst Titan of Crypto said that Bitcoin prices continue to rise as usual. The analyst predicted that the flagship cryptocurrency could rise to $158,000, but his accompanying chart suggested that would be next year.
At the time of writing, Bitcoin price has risen over the past 24 hours and is trading at around $106,559, according to data from CoinMarketCap.
BTC price exceeds $107,000 | Source: BTCUSD on Tradingview.com
Featured image created by Dall.E, chart on Tradingview.com
