Bitcoin Price Approaches $100,000: Is a Major Breakthrough Coming?
The Bitcoin price is well on its way to reaching the $100,000 price mark, with multiple projections suggesting it could do so as early as this weekend. In the past 24 hours, Bitcoin reached an intraday high of $99,486, putting it within a mere 0.5% of reaching the coveted $100,000 threshold.
As the entire crypto industry eagerly watches for a Bitcoin price break above $100,000, renowned crypto analyst Tony “The Bull” Severino has highlighted an interesting outlook on what to expect next.
Bitcoin Price Mirrors 2017 Pattern
Severino has drawn parallels between Bitcoin’s current price movements and its meteoric rise in 2017. In the last week of November 2017, Bitcoin broke the $10,000 mark for the first time. Now, seven years later, Bitcoin is exhibiting similar price patterns as it attempts to break above the next significant figure, $100,000.
Severino explained that Bitcoin’s breakout above $10,000 in 2017 marked a pivotal moment in its price history, as it crossed a key psychological threshold. After reaching $10,000, the Bitcoin price nearly doubled within two weeks, setting the stage for a dramatic bull run.
Drawing from this, Severino suggests that the current push above $100,000 could trigger a similar surge, though with higher stakes given the psychological significance of the $100,000 mark. If Bitcoin crosses this threshold, the market could experience another wave of excitement, possibly sending the price to new all-time highs.
Could Breaking $100,000 Lead to Another Price Surge?
Severino’s analysis centers around the possibility that breaching $100,000 could ignite a sharp price increase, much like Bitcoin's price acceleration after it crossed $10,000 in 2017. According to Severino, Bitcoin could see price gains of up to 100% from its current value, with the rally likely to occur at an extremely fast pace.
However, Severino cautioned that this rapid ascent could mark the final leg of the current bull run. As with the 2017 cycle, Bitcoin may experience a peak followed by a significant correction. While he doesn’t believe the peak is imminent, Severino suggests that the top could be within the next two months.
A Different Landscape: Institutional Interest
It’s important to recognize that the Bitcoin ecosystem has evolved dramatically since 2017. Back then, the rally was largely driven by retail investors and early Bitcoin whales. Today, the market is witnessing growing institutional interest, especially with the introduction of Spot Bitcoin ETFs. This institutional involvement has played a key role in Bitcoin’s steady growth throughout 2024, suggesting that the price could continue to rise even after breaking the $100,000 level.
At the time of writing, Bitcoin is trading at $99,032, up by 2% in the past 24 hours. As the price inches closer to $100,000, all eyes are on Bitcoin to see if it will break this major milestone and what impact that could have on the broader cryptocurrency market.