Bitcoin Could See an 83% Surge if History Repeats, Analyst Warns of Potential Catch
Cryptocurrency expert Kevin Svenson is optimistic about the future of Bitcoin (BTC) based on past trends. In a recent presentation to his substantial YouTube following of 78,700 subscribers, Svenson highlighted Bitcoin’s potential for a significant breakthrough from its current sideways movement.
Svenson points out that Bitcoin is currently exhibiting a bullish pattern that originated in early 2023 and could potentially surge by 72% to 83% from its current position in the upcoming upward trend. He explained, “Bitcoin is currently consolidating in another sideways phase following a previous upward surge. The initial upward movement from January to May 2023 saw a rise of approximately 50%. Subsequently, the next breakout phase from September to December 2023 resulted in a 57% increase to the subsequent local peak. Following the breakout from January to March 2024, the price surged by 60%… Therefore, if this trend continues, the next upward movement, mirroring these previous percentages, could potentially drive Bitcoin to $110,000 or even $117,000.”
As of the time of reporting, Bitcoin is valued at $63,958. Svenson believes that the most probable scenario for Bitcoin is a sustained upward trajectory, contingent on the stability of the stock market. He stated, “I anticipate that we will witness a continuation as long as the stock market maintains its current stability.”
Svenson’s insights are further reinforced by a graphical representation in his video, illustrating the potential growth of Bitcoin. This visual aid provides a comprehensive overview of the projected price movements in the cryptocurrency market, supporting Svenson’s positive outlook on Bitcoin’s future performance.
It is essential to monitor these developments closely, as they could have a significant impact on the overall cryptocurrency landscape. Investors and enthusiasts alike are advised to stay informed and vigilant regarding the evolving trends in the crypto market to make informed decisions about their investments and strategies.
