Analyst and trader Kevin Svenson is expressing bullish sentiment on Bitcoin (BTC) amid a double-digit rise in the flagship crypto asset’s price over the past seven days.
Svenson tells his 78,400 YouTube subscribers that Bitcoin is on a parabolic trend that started in the fourth quarter of 2023 and could rally to a target of around $90,000.
[adinserter block="1"]According to the analyst and trader, Bitcoin could then surge higher following a correction that would potentially come after hitting the initial $90,000 target.
“So it’s not the end of the cycle when we hit $90,000 breakdown… it is simply just an area to cool off to go sideways for re-accumulation, healthy price action, let coins change hands. Let a whole new group of investors get in on that sideways action. That’s healthy. And then look to run up again…
…and yes we could probably go to six figures in this cycle. It’s quite likely that we do.”
Svenson also says that Bitcoin could against his expectations.
“Is it possible that we don’t go that high? That’s also possible – we hit a price target slightly lower than $90,000 and we break the trend. That’s also a break of the parabolic trend which might mean we’re going sideways for a while before going up again. There are a lot of possibilities.”
Bitcoin is trading at $69,992 at time of writing, around 12% up over the last seven days.
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