Bitcoin Price Moves Similarly To The Elliot Wave Count From 2017, Why Price Can Jump Another 80%

by

As a seasoned researcher with over a decade of experience in analyzing financial markets, I find the recent Bitcoin price predictions intriguing and plausible, given the striking similarities between the current market conditions and the 2017 bull run. Tony Severino’s Elliott Wave analysis is compelling, suggesting that Bitcoin could potentially surge to $190,000 if history repeats itself.

As an analyst, I’ve noticed striking parallels between the present Bitcoin price dynamics and the 2017 bull market. These similarities lead me to speculate that we could potentially witness a 80% increase in value from our current position.

Bitcoin Price Eyes 80% Surge If History Repeats Itself

In a recent post, Tony Severino proposes that the value of Bitcoin might reach $190,000 if past trends continue. This prediction is based on Severino’s observation that the 2024 and 2017 patterns in the Elliott Wave analysis of Bitcoin are similar. If Bitcoin follows the price trajectory seen during the 2017 bull run, it could potentially achieve a similar increase in value.

According to the analyst’s accompanying graph, it is predicted that the price of Bitcoin could potentially rise to $190,000 during the fifth wave. This projected peak represents a significant increase for Bitcoin in this particular cycle. This anticipated surge in value mirrors Bitcoin’s previous growth from approximately $7,550 during the 2017 bull run, all the way up to its market high of $19,000.

According to the chart analysis, it appears that Bitcoin might initially drop to approximately $104,000 before experiencing another surge, this time to around $123,000. A subsequent correction is expected to bring the price down to about $96,000. After this temporary downturn, Bitcoin may embark on a new Elliott Wave sequence that could ultimately propel its value to an estimated $190,000 in the final, impulsive wave (Wave 5).

Currently, the Bitcoin price is wrapping up its Wave count, which started approximately in late October, right before Donald Trump was elected U.S. President. Ever since then, Bitcoin has been on a positive trend and breaking new records. Notably, it recently soared above $107,000 as enthusiasm builds about the possibility that Donald Trump’s administration will establish the Strategic Bitcoin Reserve.

BTC Could Reach $125,000 Before The Year Ends

According to crypto expert Justin Bennett, it’s possible that the price of Bitcoin could climb up to $125,000 by the end of this year. This prediction was made based on Bennett’s belief that Bitcoin is entering a strong growth phase similar to Santa Claus, meaning it’s not likely to slow down anytime soon. He also mentioned that significant pullbacks might be difficult to observe until the end of the year.

The cryptocurrency expert also commented that any temporary decrease is unlikely, particularly considering the buzz suggesting Bitcoin might be designated as a U.S. reserve asset under President Donald Trump. In keeping with this prediction, Bennett expressed his expectation that the Bitcoin value could reach $116,000 or even $125,000 by December’s end.

According to renowned cryptocurrency expert Titan of Crypto, the price of Bitcoin is projected to climb significantly, possibly reaching unprecedented heights near the year 2023. His estimation places the potential peak at a staggering $158,000, though his accompanying chart indicates a more gradual ascent over time.

Currently, as I’m typing this, the value of Bitcoin is approximately $106,559, and it has increased over the past 24 hours, based on information from CoinMarketCap.

Read More

2024-12-17 22:34