Bitcoin Could Hit $92,000 Soon, Analyst Predicts
Cryptocurrency analyst Kevin Svenson is expressing renewed optimism about Bitcoin’s (BTC) prospects, predicting a potential surge in the near future.
Svenson noted that Bitcoin is currently trading over 20% below its all-time high from March, but he believes the cryptocurrency could soon reach new record levels.
Svenson emphasized that the current market correction is a typical part of Bitcoin’s cyclical behavior. He pointed out that such declines have occurred in previous bull runs, citing the 40% drops seen in 2017 as a historical precedent. According to Svenson, the market’s reaction to these dips often involves heightened concern, especially among those heavily invested in the crypto space.
The analyst also highlighted a technical pattern known as a descending broadening wedge, which he views as a bullish signal. This pattern, observed on Bitcoin’s daily chart, suggests that if the trend continues as predicted, Bitcoin could experience a significant upward movement. Svenson projected that Bitcoin might rise by up to 63% from its current level, potentially reaching between $89,000 and $92,000.
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Global Crypto Activity Surges in 2024, Boosted by U.S. Bitcoin ETFsSvenson explained that the target range is derived from the pattern’s measurements: one method involves calculating from the highest to the lowest point of the wedge, while another uses the widest point of the pattern. Both methods converge on a target between $89,000 and $92,000, providing a bullish outlook for Bitcoin’s near-term future.
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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