Summary:
Cryptocurrency analyst Kevin Svenson predicts that Bitcoin could rally by up to 78% to reach $190,000 in this cycle. The most likely target is $142,500, with a potential catalyst being a stock market rally.
Article:
Cryptocurrency analyst and trader Kevin Svenson suggests that Bitcoin (BTC) may experience a surge of up to 78% from its current level. In a recent strategy session, Svenson, who has 83,300 YouTube subscribers, speculates that a price of $190,000 for Bitcoin is feasible during this cycle. While $190,000 is the highest target Svenson envisions, he believes that the most probable level for Bitcoin is around 33% above the current price.
“The median ideal target is $142,500. That is where Bitcoin’s price is expected to peak in this cycle,” Svenson explains. He also points out that a potential bullish catalyst for Bitcoin could be a stock market rally.
“If the S&P 500 achieves new all-time highs and continues to rise, Bitcoin could potentially reach $124,000 to $142,000. That’s how I see the scenario unfolding,” Svenson states.
Regarding the timing of Bitcoin’s peak in this cycle, Svenson predicts, “We’re nearing the endgame. This could possibly extend until October… Typically, the top and the beginning of the bear market occur around 80 weeks after each halving event. For this cycle, that timeframe aligns with the end of October or the start of November.”
At the time of writing, Bitcoin is priced at $107,017.
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