Cryptocurrency analyst Kevin Svenson is expressing bullish sentiment on Bitcoin (BTC) based mostly on historic precedent.
In a brand new video, Svenson tells his 78,700 YouTube subscribers that Bitcoin is on the cusp of a breakout from a sideways vary.
Based on Svenson, Bitcoin is in a bullish construction that began in early 2023 and will go up by between 72% and 83% from the present degree on the subsequent leg up.
“Bitcoin is sitting in one other sideways vary after the impulse up. Our first impulse up transfer [from January to May of 2023] was roughly 50%. After the subsequent breakout zone the subsequent impulse up [from September to December of 2023] the subsequent value was 57% to the subsequent native prime. From the subsequent breakout [from January to March of 2024] the subsequent prime zone was 60%…
…so if we get continuation, the subsequent impulse up, if it’s going to be something like these numbers that I simply stated, the subsequent impulse up 50% will land us at $110,000. And should you go to 60%, that’s $117,000.
In order that wouldn’t actually be something too loopy – that’s simply an extrapolation of the conduct what we’ve seen for the previous yr and a half.”
Supply: Kevin Svenson/X
Bitcoin is buying and selling at $63,958 at time of writing.
Svenson says that whereas the continued upward momentum for Bitcoin is the “most probably final result proper now,” the trajectory of the flagship crypto asset depends on how the inventory market will behave going ahead.
“I believe we’re going to get that continuation should you ask me. So long as the inventory market stays considerably secure.”
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