Bitcoin $104,282.9 Analyst and merchant Kevin Svenson shared the view that Bitcoin (BTC) would watch over $ 100,000. Svenson said Bitcoin has the potential to rise further despite the negative atmosphere in the crypto market.
Bitcoin halving and cyclic performance
Svenson thinks that Bitcoin is in the midst of the Halving cycle and we are in the “really exciting” section. In his words, Bitcoin’s price graph is rising about 40 weeks after Halving.
Historical data and future estimates
Svenson examined the past halving events, 2020 Halving has entered a great rise trend after about 40 weeks and entered a decline trend after 80 weeks.
“We see that Bitcoin entered the rise trend after the Halving events in 2012 and 2016. I believe that these cycles will be repeated. ” – Kevin Svenson
Price targets and expectations
Analyst Svenson predicts that Bitcoin can rise by about 35 %of the current level and increase up to $ 124,000 or even $ 142,000. Bitcoin is currently trading at $ 105,023.
Svenson emphasized that Bitcoin is only in the cycle where he started and that he has not yet approached the end and expects more mobility in the market.
These estimates, while creating important indicators for crypto investors, the market dynamics should be followed, he says.
Investors should be careful when evaluating the views of analysts and conduct their own research.
Finally, there are various views on the future of Bitcoin and it should be remembered that market conditions are constantly changing.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
