Bitcoin Could Surge by Over 200% ‘If Things Go Really Well,’ Predicts Analyst Kevin Svenson – Here’s His Forecast
Cryptocurrency analyst Kevin Svenson has made a bold prediction for Bitcoin (BTC), suggesting that it could experience a triple-digit surge from its current levels. Svenson, who has a significant following on social media platform X, believes that based on historical patterns, Bitcoin could potentially appreciate by anywhere between 50% and 201%.
In a recent video, Svenson explains, “Based on the ratio of past gains, it gives me $95,000 as the minimum target, and the median target of $142,000. And if things go really well, we will hit $190,000.” However, he also mentions that the price could potentially fall within the range of $95,000 and $142,000, around $124,000.
Svenson also expects Bitcoin’s volatility to increase as it reaches new highs, stating, “What we’re getting right now is nothing compared to what you might see in the coming months if Bitcoin continues this and gets the extension up to $90,000.” He warns that at this point, when the market is in a bullish frenzy, investors should be cautious as a significant correction and consolidation may occur.
As of now, Bitcoin is trading at $63,125, registering a decline of approximately 13% from its all-time high on March 14th. Svenson’s forecast suggests that if Bitcoin manages to surpass $90,000, it could enter a vertical climb, potentially leading to substantial gains.
Disclaimer: The generated image used in this article is for illustrative purposes only and does not represent the actual analyst, Kevin Svenson.