Cryptocurrency analyst and trader Kevin Svenson is saying that Bitcoin (BTC) could be on course to reaching a six-figure price.
In a new video, Svenson tells his 78,900 YouTube subscribers that since the late 2022 low, Bitcoin’s price action has made a series of strong impulse moves consisting of double-digit to triple-digit percentage points.
According to Svenson, Bitcoin is on the cusp of rallying by around 50% from the current level.
“We are one impulse away from hitting $100,000. And I think it’s just going to come up on people a lot quicker than they expect. The market usually doesn’t do what you expect; the market usually does the unexpected.
And remember once we get above this zone right that recent $74,000 top, that is a blue-sky breakout meaning there’s no previous resistance and that’s usually where you get a lot of momentum there’s a lot of demand Fear of Missing Out (FOMO). And people are just going to be piling into the market.”
Bitcoin is trading at $66,687 at time of writing.
According to Svenson, there are only a couple of months left before a bear market sets in for Bitcoin and other high-risk assets.
“A blue-sky breakout here at this point with all the fundamental news that’s happening for Bitcoin, I think we’re going to get to $100,000 much faster than people expect with a few consolidations in between.
And if that is the case likely we get some new all-time high resistance, selloff, major profit-taking and then push-up again into 2025.
But I do think that after that we will probably see a major contraction not just for Bitcoin but the stock market and the economy.”
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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