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Cryptocurrency News Articles
Bitcoin (BTC) Analyst Kevin Svenson Expresses Bullish Outlook, Predicts a Surge to Six Figures
May 23, 2024 at 09:55 pm
Analyst and trader Kevin Svenson has expressed a bullish outlook on Bitcoin (BTC) following a significant price increase in the past week.
A popular crypto analyst and trader is sharing his bullish outlook on Bitcoin (CRYPTO: BTC) following a massive price increase in the past week.
What Happened: Analyst and trader Kevin Svenson told his 78,400 YouTube subscribers that Bitcoin is now in a parabolic trend that began in Q4 of 2023, and this trend could take the apex cryptocurrency to around $90,000, Daily Hodl reports.
After hitting the $90,000 mark, Svenson said he believes there will be a period of correction, which he said is healthy for crypto. He anticipates a period of re-accumulation and sideways price action that will allow new investors to enter the market.
Svenson also predicts that Bitcoin could hit six figures during this cycle. He also said that there’s a chance that Bitcoin doesn’t reach his expected targets.
"Is it possible that we don't go that high? That's also possible – we hit a price target slightly lower than $90,000 and we break the trend. That's also a break of the parabolic trend which might mean we're going sideways for a while before going up again. There are a lot of possibilities."
See Also: Trump Accepts Cryptocurrency Donations In Bitcoin, Ethereum, Shiba Inu, Dogecoin And More, Says MAGA Supp
Benzinga asked Svenson for further comment on his analysis, but did not receive a response at the time of publication.
Why It Matters: Bitcoin’s recent price movements have been closely watched. On May 21, Bitcoin retraced following a strong rally, with some traders saying that BTC needed time to consolidate before staying above $70,000. This period of rest was seen as being needed for Bitcoin to set up for further gains (read more).
Also on May 21, a Standard Chartered analyst said that Bitcoin was on track to hit a new all-time high by the weekend, with the analyst’s optimism being driven by the strong momentum in the market (read more).
Price Action: At the time of writing, Bitcoin was trading at $69,427.74, according to Benzinga Pro.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
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