Cryptocurrency analyst Kevin Svenson is optimistic about Bitcoin’s future, predicting significant gains as it approaches its all-time high. In a recent video, he shared with his 82,200 YouTube followers that Bitcoin is following a parabolic trend, suggesting it could rise by 19% to 34% more before any major correction. Svenson indicates that the critical selling point may range between $124,000 and $140,000, potentially marking the peak of its current bull run. He also noted that if historical patterns hold, we might see the end of this bull Market around October 2025. As of now, Bitcoin is trading at $104,260, and Svenson believes the Market may remain bullish for a while.
Cryptocurrency analyst Kevin Svenson is currently optimistic about Bitcoin, as the leading digital currency trades just below its recent all-time high. In a recent video shared with his 82,200 YouTube followers, Svenson highlighted that Bitcoin is experiencing a parabolic growth trend, suggesting that there is still room for the price to climb before a potential downturn.
Svenson described this trend as escalating sharply on larger time frames, stating, “The trend is our friend. I believe we are going higher for longer. Bitcoin is poised for a significant upward movement.” He estimated that Bitcoin could increase by approximately 19% to 34% from its current price before the trend reaches its peak. According to him, the target sell point for this breakout could be somewhere between $124,000 and $140,000, after which he anticipates a major price correction.
He also made an interesting observation regarding Bitcoin’s Market cycles. Based on previous patterns, he indicated that the bullish phase post-halving is typically the strongest and could last into late 2025, before a bear Market potentially sets in. In his view, this price movement could follow history, with significant bullish action lasting for about 80 weeks after the Bitcoin halving event.
As of now, Bitcoin is trading at approximately $104,260. Svenson’s insights have sparked interest among traders and crypto enthusiasts, who are keen to see if his predictions come to fruition.
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What does “higher for longer” mean for Bitcoin?
“Higher for longer” means that Bitcoin’s price is expected to stay elevated for an extended period. This suggests that Bitcoin may not just rise but hold those higher prices, giving investors confidence.
What is a major leg up for Bitcoin?
A major leg up refers to a significant increase in Bitcoin’s price over a short time. It’s when the value jumps noticeably, and analysts believe this could happen again soon.
What target has the analyst set for Bitcoin?
The analyst has set a specific price target for Bitcoin, indicating where they believe the price could go next. This target is based on data and trends in the crypto Market.
Why is the analyst optimistic about Bitcoin?
The analyst is optimistic due to various factors like Market demand, investor interest, and broader economic trends. These elements suggest that Bitcoin could experience a strong rally soon.
Should I invest in Bitcoin now?
Investing always carries risks. If you’re thinking about investing in Bitcoin, it’s best to do thorough research, understand the risks, and consider your financial situation. Consulting with a financial advisor can also help.
