Cryptocurrency analyst and trader Kevin Svenson is leaning bullish on Bitcoin (BTC) amid a bounce in the market.
In a new video, Svenson tells his 82,000 YouTube subscribers that Bitcoin is primed to break out above a descending trendline after weeks of sideways price action.
“I think we’re going to be getting something similar coming up where the market’s going to move much faster than people expect. It’s going to leave people in the dust and it’s going to send us up to a much higher price level. A full continuation of the parabolic trend, giving us another growth spurt to another high before maybe seeing some sort of sideways formation.”
According to Svenson, Bitcoin is currently in a parabolic trend. The crypto analyst says the next major price target for Bitcoin after breaking above the current all-time high is at least $124,000.
“This trend line is actually getting pretty steep now. So if bitcoin’s price continues the parabola in this trajectory and we hit something like $124,000 maybe $130,000 and then we trade sideways through the parabolic trend line, I’m going to expect a major downturn after that, settle up into the summer and then run to a new all-time high above $140,000 before the end of the year.”
Bitcoin is trading at $99,170 at time of writing, around 8% below the all-time high of approximately $108,200 reached on December 17th of 2024.
The crypto king is up by around 10% since the 2025 low of about $89,800 reached earlier this week.
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