Cryptocurrency analyst Kevin Svenson is expressing bullish sentiment on Bitcoin (BTC) based on historical precedent.
In a new video, Svenson tells his 78,700 YouTube subscribers that Bitcoin is on the cusp of a breakout from a sideways range.
According to Svenson, Bitcoin is in a bullish structure that started in early 2023 and could go up by between 72% and 83% from the current level on the next leg up.
“Bitcoin is sitting in another sideways range after the impulse up. Our first impulse up move [from January to May of 2023] was roughly 50%. After the next breakout zone the next impulse up [from September to December of 2023] the next price was 57% to the next local top. From the next breakout [from January to March of 2024] the next top zone was 60%…
…so if we get continuation, the next impulse up, if it’s going to be anything like those numbers that I just said, the next impulse up 50% will land us at $110,000. And if you go to 60%, that’s $117,000.
So that wouldn’t really be anything too crazy – that is just an extrapolation of the behavior what we’ve seen for the past year and a half.”
Bitcoin is trading at $63,958 at time of writing.
Svenson says that while the continued upward momentum for Bitcoin is the “most likely outcome right now,” the trajectory of the flagship crypto asset is dependent on how the stock market will behave going forward.
“I think we’re going to get that continuation if you ask me. As long as the stock market remains somewhat stable.”
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