Bitcoin (BTC) Price Will Hit $100K In Q1 2025, Analyst Says As BTC Retests $67K

Recent action has seen Bitcoin price retest the $67,000 price level. Particularly, the Bitcoin price declined by about 8.9% in seven days from $73,464 on October 29 to $66,895 on November 4

Bitcoin price recently retested the $67,000 price level. In detail, the Bitcoin price declined about 8.9% in seven days from $73,464 on October 29 to $66,895 on November 4 as many short-term traders closed their positions. At the same time, a few long-term holders also sold their Bitcoins, probably to secure gains.

According to technical analysis, the ongoing correction is completely normal and acceptable for Bitcoin. In particular, technical analysis indicates that the $100,000 price target for Bitcoin is still in play. Notably, this outlook is based on drawing parallels with gold's price history.

Analyst Discloses What The Gold Chart Indicates About The Bitcoin Price

Bitcoin has often been called digital gold because it is used to hedge against inflation. However, their respective price actions over the years suggest more similarities than many investors realize.

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Crypto analyst Tony ‘The Bull’ Severino shared an interesting trend he noticed on the Bitcoin price chart on the social media platform X to convey an optimistic view on the cryptocurrency's long-term trajectory. Severino noted that Bitcoin's price movements seem to be following a similar path to historical patterns observed in gold, which experienced comparable price tops, price bottoms, breakouts, and retests.

According to the price charts shared by Tony Severino, he highlighted significant similarities between Bitcoin's price action on the 2-week candlestick timeframe and Gold's on the 2-month candlestick timeframe. Specifically, Bitcoin's price action has mirrored that of Gold on multiple occasions. Hence, the analyst likened the current price breakout/retest in the Bitcoin price to a similar breakout/retest in Gold in 2023.

Back in March 2023, Gold underwent a breakout and retest pattern, paving the way for a sustained rally over several months up until the present time. Severino anticipates that Bitcoin could follow a similar trajectory for a multi-month rally.

What’s Next For The BTC Price?

According to Tony Severino's analysis, the Bitcoin price correction is concluding very soon and is set to go on a remarkable surge for the rest of the year. In terms of a timeline, he noted the creation of a new all-time high by the end of 2024 and a $100,000 price for Bitcoin in the first quarter of 2025.

Although the analyst's projection is based on Bitcoin's correlation with Gold, the price target aligns with similar price predictions made by other technical analyses. For example, a CryptoQuant analyst named CoinLupin highlighted a similar price timeline based on the Bitcoin MVRV (Market Value to Realized Value) ratio. Using this ratio, he predicted a price target range of $95,000 to $120,000.

At the time of writing, Bitcoin trades at $68,714, down 3% in the past 24 hours.