Analyst and trader Kevin Svenson is optimistic about the future of Bitcoin (BTC) as its price has experienced a significant increase in the past week. With a subscriber base of 78,400 on YouTube, Svenson believes that Bitcoin is following a parabolic trend that began in the fourth quarter of 2023 and has the potential to reach a target price of around $90,000.
Svenson explains that even after reaching the $90,000 mark, Bitcoin may experience a correction before continuing its upward trajectory. He sees this correction as a necessary period for the market to cool off and for new investors to enter the market. Svenson believes that it is highly likely for Bitcoin to surpass the six-figure mark in this cycle.
However, Svenson acknowledges that there are other possibilities. It is possible that Bitcoin may not reach the predicted high of $90,000 and instead experience a break in the parabolic trend, leading to a period of consolidation before resuming its upward movement. He emphasizes that there are numerous outcomes that could unfold.
At the time of writing, Bitcoin is currently trading at $69,992, reflecting a 12% increase over the past seven days.
Disclaimer: The opinions expressed in this article are solely of Kevin Svenson and do not constitute investment advice. It is recommended that investors conduct their own research before engaging in high-risk investments involving Bitcoin, cryptocurrency, or digital assets. It is important to be aware that all transfers and trades are done at the individual’s own risk, and any potential losses incurred are the individual’s responsibility. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor does it provide investment advice. Please note that The Daily Hodl engages in affiliate marketing.
