Cryptocurrency analyst Kevin Svenson is saying that Bitcoin (BTC) could skyrocket by triple digits from the current level.
Svenson tells his 73,500 followers on the social media platform X that based on historical precedent, Bitcoin could appreciate by roughly between 50% and 201%.
“…based on the ratio of past gains gives me $95,000 as the minimum target… …and the median target of $142,000. And if things go really well, we will hit $190,000.
But anywhere you know closer to $142,000 maybe… but it could be between $95,000 and $142,000, could be like $124,000. Something along those lines. But these are the areas that I’m looking at just based on a rough estimate.”
According to Svenson, Bitcoin’s volatility is likely to ramp up over the coming months if and when the flagship crypto asset hits new highs.
“What we’re getting right now is nothing compared to what you might see in the coming months if Bitcoin continues this, gets the extension up to $90,000.
At that point, we’re going to be vertical. And at that point, that’s when everyone’s convinced that the bull market is back we’re going to go up and up and up, a $100,000 whatever. And that’s the part, that’s the point where most people are vulnerable and sort of just mesmerized by the bullish price action.
That’s when you have to be most careful because this is where your huge parabolic trend breakdown takes place and you get a huge washout and a big correction and a consolidation.
And then, I would think, because we’re so early; the halving hasn’t even happened yet, after that move, likely consolidate and then run up again at a later point.”
Bitcoin is trading at $63,125 at time of writing, down by around 13% from the all-time high reached on March 14th.
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