According to crypto trader Kevin Svenson, Bitcoin (BTC) has the potential to break out and surge by up to 86%. Svenson points out a bullish divergence pattern on the daily chart, indicating that Bitcoin’s bullish momentum is increasing. He highlights a broadening pattern, which, if Bitcoin can surpass its diagonal resistance at around $68,000, could result in a 60% surge to approximately $97,000. Using the Fibonacci extension tool, Svenson identifies targets at $88,000 and $113,000, representing potential gains of 45% and 86%, respectively. However, Svenson cautions that it may take time for these price targets to be reached, with a possible breakout occurring in September. At the time of writing, Bitcoin is trading at $60,555.
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Bitcoin Primed To Break Out and Explode by up to 86%, According to Analyst Kevin Svenson – Here’s the Timeline
