Analyst and trader Kevin Svenson has expressed a bullish outlook on Bitcoin BTC/USD following a significant price increase in the past week.
What Happened: Svenson shared with his 78,400 YouTube subscribers that Bitcoin is currently on a parabolic trend initiated in the fourth quarter of 2023, Daily Hodl reported on Thursday. He believes this trend could propel Bitcoin to approximately $90,000.
After reaching the $90,000 mark, Svenson anticipates a correction phase, which he describes as a healthy period for re-accumulation and sideways price action. This phase would allow new investors to enter the market.
Svenson further predicts that Bitcoin could potentially surge to six figures during this cycle. However, he also acknowledged the possibility of Bitcoin not reaching his expected targets.
"Is it possible that we don't go that high? That's also possible – we hit a price target slightly lower than $90,000 and we break the trend. That's also a break of the parabolic trend which might mean we're going sideways for a while before going up again. There are a lot of possibilities."
Why It Matters: Bitcoin’s recent price movements have garnered significant attention. On May 21, Bitcoin experienced a retracement after a strong rally, with some traders suggesting that BTC needed time to consolidate before firmly staying above $70,000. This period of rest was seen as necessary for Bitcoin to build a solid foundation for future gains (source).
Additionally, on the same day, a Standard Chartered analyst projected that Bitcoin was on track to hit a new all-time high by the weekend. This optimistic outlook was based on the strong momentum observed in the market (source).
Price Action: Bitcoin was trading at $69,427.74 at the time of writing, according to Benzinga Pro.
Photo courtesy: Shutterstock
This story was generated using Benzinga Neuro and edited by Pooja Rajkumari
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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