Kevin Svenson, a cryptocurrency analyst, is bullish on Bitcoin (BTC), based on the historical precedent.
Svenson, in a recent video, tells his YouTube subscribers (78,700) that Bitcoin could be on the verge of breaking out from its sideways range.
Svenson says that Bitcoin has been in a bullish pattern since early 2023. The next upleg could see Bitcoin rise between 72 and 83 percent from its current price.
Bitcoin is now in a sideways range, after its initial impulse upward. Our first move up [between January and May 2023] was approximately 50%. The next top price after the breakout [from December 2023 to September 2023] was 57%. The next zone of top price [from March 2024 to January 2024] is 60 %….
If we continue, the second impulse will be 50% higher, and if the numbers are anything like the ones I’ve just mentioned, then the third impulse would bring us to $110,000. If you want to go up 60% that is $117,000.
“That wouldn’t be too insane – it’s just an extrapolation from the behavior we’ve observed over the last year and a quarter.”
Bitcoin currently trades at $63,958 as of the time this article was written.
Svenson states that the future trajectory of Bitcoin, the most prominent crypto asset, is determined by how the stock markets will perform going forward.
I think that we will get the continuation you are looking for. So long as there is some stability in the stock markets .”
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