Widely followed crypto analyst Kevin Svenson is laying out his forecast for the end of the Bitcoin bull market, including a price target for BTC’s last leg up.
In a new YouTube strategy session, Svenson tells his 83,800 subscribers that the general confidence of speculators is key for driving the price of Bitcoin and other risk assets.
With the Federal Reserve set for more interest rate cuts and a reversal of quantitative tightening, Svenson says traders are likely ready to provide more buy pressure to BTC in the near term.
Svenson says the upside for BTC is most likely limited, but that the next bear market may not be as deep and dramatic as past cycles.
“Bitcoin has done its job. It’s gone from $15,000 to wherever it’s going to be. In my opinion, the target is going to be something like $142,000. That’s my target price. It could go higher, it could be lower, it doesn’t matter. If Bitcoin gets to that price, [that’s a] perfectly good exit point. Bitcoin may not have all that much upside to go in this cycle, but if the Fed is ending QT and we’re getting rate cuts, and confidence is kind of returning to the market and people feel normal again, well, even if Bitcoin tops in this range, it doesn’t mean that it’s going to just die immediately.
If all these positive things are happening. It could just create a larger distribution pattern and then dump into the mid-term election. It could be a quicker dump at the end of the cycle, it could be a little different. We might sustain higher levels because the Fed is lightening up rather than dropping the hammer like it did in 2021 and 2022…”
At time of writing, Bitcoin is trading at $109,966.
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