‘Quite Likely’ Bitcoin Rockets to Six Figures This Cycle, Anticipates Analyst Kevin Svenson – Here’s His Perspective
Analyst and trader Kevin Svenson is expressing bullish sentiment on Bitcoin (BTC) amid a double-digit surge in the flagship crypto asset’s price over the past seven days.
Svenson, with 78,400 YouTube subscribers, affirms that Bitcoin is following a parabolic trend that originated in the fourth quarter of 2023 and could soar to a target of approximately $90,000.
According to Svenson, Bitcoin could experience a further surge after a potential correction following the initial $90,000 milestone.
“The $90,000 breakdown doesn’t mark the end of the cycle… It would simply be a cooling-off phase where Bitcoin goes sideways for re-accumulation, facilitating healthy price action and allowing coins to change hands. This sideways action presents an opportunity for a fresh group of investors to get involved. That’s healthy. And then we can look for another upward push…
…and yes, it is quite likely that Bitcoin could reach six figures in this cycle.”
Svenson also acknowledges the possibility that Bitcoin might deviate from his expectations.
“Is it possible that we won’t reach such heights? That’s also a possibility – we could hit a slightly lower price target than $90,000 and break the trend. This would indicate a sideways phase before another upward move. There are various possibilities.”
At the time of writing, Bitcoin is trading at $69,992, reflecting a 12% increase over the past seven days.
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