Bitcoin price is on track to reach $100,000, with many predictions saying it could happen do it by this weekend. It is worth noting that Bitcoin price hit an intraday high of $99,486 in the last 24 hours, which means it was about 0.5% lower than reaching $100,000.

Like the entire industry still waiting bitcoin price breaking above $100,000, cryptocurrency analyst Tony “The Bull” Severino highlighted an captivating perspective on what to expect.

2017 Bitcoin Price Mirror Pattern

Crypto analyst Tony Severino drew parallels Bitcoin’s recent price movements to its explosive growth in 2017. Bitcoin price first crossed the $10,000 round mark in the last week of November 2017. Now, seven years later, it is showing similar price movements and looks set to break another round $100,000 mark.

Bitcoin’s break above the $10,000 level was a key moment in its price history because it marked a break above a key psychological threshold. Severino pointed out that after reaching this psychological milestone, Bitcoin’s price almost doubled in two weeks.

Severino used the result of this move to draw parallels with Bitcoin’s current price performance. This time, however, the stakes are higher, and Bitcoin is about to cross the $100,000 mark. In particular, it is a number that has even more psychological significance for Bitcoin’s price prospects than the $10,000 mark.

Could breaking the $100,000 mark create another level of excitement?

Severino’s analysis centers around the idea that breaking $100,000 could cause Bitcoin’s price to spike again, much like it did after breaking $10,000 in 2017. He noted that Bitcoin’s price could rise as much as 100% from its current price, but the pace of the rally could happen extremely quickly.

This rapid rally could mark the final stage of a bull market that will lead to a peak followed by a significant correction, similar to the 2017 bull cycle. “The peak is near,” Severino warned. However, he does not believe that Bitcoin’s peak will occur in just two weeks; he suggested it might take about two months.

It is vital to note that the Bitcoin ecosystem has changed enormously since it first broke above $10,000 in 2017. At the time, the growth was mainly driven by retail investors and bitcoin whales that entered the market relatively early. The current landscape includes, among others: growing institutional interest in Bitcoinespecially through Spot Bitcoin ETFs. This institutional interest has been key to Bitcoin’s continued price growth throughout the year, and current market dynamics point to such continued growth.

At the time of writing, Bitcoin is trading at $99,032, up 2% in the last 24 hours.

Featured image created with Dall.E, chart from Tradingview.com