Bitcoin’s price recently tested the $67,000 level, following a decline of about 8.9% over seven days, dropping from $73,464 on October 29 to $66,895 on November 4. This downward movement was attributed to many short-term traders exiting their positions, alongside some long-term holders who opted to lock in gains.
Despite this decline, technical analysis suggests that the current correction is normal and does not hinder Bitcoin’s potential. Analysts maintain that the cryptocurrency’s target price of $100,000 remains achievable. This optimism stems from drawing parallels with the price history of gold.
In a particularly intriguing development, crypto analyst Tony ‘The Bull’ Severino shared observations on social media that bolster a positive outlook for Bitcoin’s long-term trajectory. Severino noted striking similarities between Bitcoin’s price movements and historical patterns seen in gold, including comparable price tops, bottoms, breakouts, and retests.
Severino pointed to the 2-week Bitcoin candlestick timeframe mirroring the 2-month gold candlestick timeframe. Specifically, Bitcoin’s recent price action replicates gold’s pattern from March 2023, when gold underwent a breakout and retest that set the stage for a prolonged rally. Severino believes that Bitcoin could similarly enter a multi-month uptrend.
Following this analysis, Severino predicts that the recent Bitcoin price correction is nearing its end, suggesting a notable surge for the remainder of the year. He anticipates a new all-time high by the end of 2024 and envisions Bitcoin reaching $100,000 in the first quarter of 2025.
Supporting this outlook, another analyst from CryptoQuant, known as CoinLupin, has used the Bitcoin MVRV (Market Value to Realized Value) ratio to predict a price range of $95,000 to $120,000. These projections share a common theme of optimism for Bitcoin’s future performance.
As of now, Bitcoin is trading at $68,714, down by 3% over the past 24 hours, suggesting potential continued volatility but maintaining a bullish configuration on price charts.
