Cryptocurrency analyst and trader Kevin Svenson, Bitcoin $101,851.7 He is quite optimistic about the recovery in price. Svenson notes that Bitcoin is poised to break out of a downtrend after the sideways price movement of recent weeks.
Bitcoin Forecast
In his statement on his YouTube channel, Svenson predicts that Bitcoin’s price movements will be faster than expectations after the current trend line is broken. He stated that this rapid movement will lead to a significant rise in the market and enable the Bitcoin price to reach higher levels.
According to the analyst, Bitcoin is currently in a parabolic trend and once it breaks above the current all-time record, the next important price target is at least $124,000. Svenson stated that Bitcoin’s trend line is becoming increasingly steeper and if it continues this trend, the price could fluctuate between $124,000 and $130,000.
“I think the market will move much faster than expectations. This will leave people behind and move us to a much higher price level” -Kevin Svenson.
Bitcoin is trading at around $104,000 at the time of writing, which is still below the all-time record of around $108,200 reached on December 17, 2024. Svenson is also pleased with Bitcoin’s rise since reaching a high of around $89,800 earlier this week.
Future Prospects
Svenson suggests that if Bitcoin continues its parabolic trend, it could reach a new all-time record of over $140,000 by the end of the year. Following this, he stated that he expects a significant decrease and horizontal movements in the summer months.
What happens next will largely be determined by the steps Trump takes on crypto and whether Bitcoin can grow a larger snowball of increased appetite.
Bitcoin investors closely follow market movements in line with these positive expectations of analysts. It is recommended to be careful when making investment decisions.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
